In the event of a sharp breakdown of the $ 30,000 level, it is “very likely” that the price will fall below $ 10,000. Such a forecast was given by gold advocate and critic of the first cryptocurrency Peter Schiff.
If #Bitcoin breaks decisively below $30K it seems highly likely that it will crash below $10K. That means anyone who owns Bitcoin now has a very important decision to make. What will you do? You had better decide now so you don’t panic and make a rash spur-of-the-moment decision.
— Peter Schiff (@Peter Schiff) May 8, 2022
He launched a poll on Twitter to find out what tactics the owners of the asset would follow in this situation.
At the time of writing, over 34,000 users have participated. Less than 20% of participants believe that quotes will not fall below $30,000.
In the course of the voting, Schiff also drew attention to this:
“Currently, 80% of the 16,000 bitcoin holders who answered my survey believe that it will fall below $30,000. Given the current price of $34,500, why not sell and buy back after the fall, especially if you can also register tax loss?
So far 80% of the 16,000 #Bitcoin owners who responded to my poll believe that Bitcoin will fall below $30k. Given the current price of $34.5k, why not sell and buy back after the drop, especially if you can also book a tax loss?
— Peter Schiff (@Peter Schiff) May 8, 2022
At the same time, 54% of respondents intend to hold the asset. 15.5% of participants plan to follow Schiff’s advice: sell cryptocurrencies and later buy at a lower price. Only 10.5% are ready to get rid of bitcoin.
The investor noted that he deliberately excluded the option of additional purchases of cryptocurrencies in the fall. However, many hodlers will resort to it, he believes.
“This is a bad decision,” Schiff said.
His forecast for the fall of the market was supported by a bitcoin analyst under the nickname Benevolent Ponzi. But he noted that he does not expect this in the near future.
“We will probably see a repeat of 2018. But this is unlikely to happen within months. The market likes to keep you waiting for more pain.”
Nice oversimplication Peter. We’ll probably see a rhyme of what happened in 2018. But it’s unlikely to happen for months. Market loves forcing us to wait for more pain. https://t.co/t3TnzidzXe
— Benevolent Ponzi (@benevolentponzi) May 8, 2022
On May 9, the cryptocurrency failed the $33,500 level.
Recall that in January, Galaxy Digital founder Mike Novogratz offered Schiff a $1 million bet on the price of bitcoin. The latter had previously predicted a fall in quotes to $10,000.
In January, a bitcoin trader under the pseudonym macromule revealed a successful trading strategy based on Schiff’s tweets dedicated to the first cryptocurrency.
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