“Sell bitcoin while you still can,” says man who predicted the 2008 crisis

For Peter Schiff, known for predicting the 2008 crisis and legendary supporter of gold, the fall of bitcoin has taken him to a false bottom and could be worse in the coming months.

Unlike bitcoin a few years ago, Schiff has bought some digital currencies in the past, but because he didn’t understand how it worked, he lost the password that allowed him to access his wallet.

Now he is a fierce opponent of digital currencies, ignoring bitcoin as a store of value, relying solely on gold. It’s worth remembering that Peter Schiff doesn’t like fiat currencies and his son is a supporter of bitcoin.

Bitcoin’s drop to $20,000 is a false bottom, jump ship while you still can

In a post on his Twitter this Tuesday (6), Peter Schiff took advantage of Bitcoin’s new drop, which operates at $19,100.00, to say a few more words to the digital currency.

According to him, the movements of bear markets are fast and it is difficult for investors to reach the bottom of prices.

Still, he believes Bitcoin is operating on a false bottom at $20,000, meaning further declines could happen at any time. The advice to his followers, then, is that everyone should “jump ship while they can”, clearly indicating that they are suspicious of the new demise.

“Markets rarely give investors much time to buy the fund. #Bitcoin has traded close to $20K in the past 12 days. More likely, $20,000 is a false bottom, giving suckers plenty of time to climb aboard a sinking ship. It is better to leave the ship before the bottom falls.”

Seeing his father’s comment, Spencer Shiff, a bitcoin supporter, recalled that his father does not view bitcoin with a long-term view, but only a short one.

Bloomberg spoke to analysts who said the slump is over

Analysts who spoke to Bloomberg believe, contrary to Peter Schiff’s pessimistic view, that the market has stabilized at US$20,000, giving more breath to those looking to take positions in the market.

Bitcoin’s bullish leverage is growing on futures exchanges and this is data that leads analysts to believe investors are expecting new highs soon.

In fact, it is not yet clear when a bullish move for bitcoin could occur, but there are differing views about the future. It is therefore important that every investor is aware of the opportunities and manages the risks well, regardless of the position taken.

Source: Live Coins