Right on cue, Peter Schiff, a prominent cryptocurrency critic, has come out to bash Bitcoin (BTC). This time, the prominent libertarian investor has suggested that the leading crypto asset is preparing to drop by upwards of 80% to $1,000.
More specifically, Schiff said that Bitcoin is nearing the neckline of a head and shoulders chart pattern, which suggests that if it’s broken, a measured move to $1,000 will be had.
#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.
— Peter Schiff (@PeterSchiff) November 21, 2019
This comes just a month after he asserted that Bitcoin’s price chart “looks horrible.” He remarked that the “(bear) flag that followed the recent breakdown projects a move to $6,000.”
He continued that not only did Bitcoin fall out of a flag, “but we are [also] close to completing the right shoulder of a head and shoulders top … that projects a collapse below $2,000.”
Bitcoin Price Does Look Weak
While $1,000 has been deemed an impossible price target by many a crypto analyst, there is no doubt that this market is weak, especially seeing that the historic 42% bounce seen just last month has been nearly entirely retraced.
According to analyst Capo of Crypto, this recent drop satisfies a fractal — historical price action repeated on a new time frame — that he has been tracking for a while now. Should the fractal play out in full as the trader expects, the price of bitcoin will fall to the mid-$6,000s, potentially as low as $6,200, by the end of next week.
Indeed, the market does look weak. Per previous reports from this outlet, Bitcoin closing the weekly candle under $7,900 could spell the end of the bull market. The Super Trend, “which can give you precise buy or sell signal in a trending market” by using moving averages and other simple technical indicators, suggests so.
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