Peter Schiff says bitcoin will plunge $5,000!
Analysis and predictions

Bear market : Peter Schiff says bitcoin will plunge $5,000!

Famous bitcoin critic and gold advocate, Peter Schiff believes that bitcoin is still too overvalued and should reach values well below $10,000, and that the dangerous $5,000 threshold is hardly a fair price, according to the economist.

According to Peter Schiff, bitcoin has a much higher downside risk than the 70%. After the drop from $69,000 to around $15,000, bitcoin has not found its bottom, according to the analyst, and a further drop is a realistic possibility for which the crypto-market should prepare in the near future.

Despite Peter Schiff’s anti-crypto approach in his analysis, bitcoin’s market behavior has been hardly predictable in recent months. Events such as the FTX implosion and the insolvency of the industry’s largest firms have caused huge spikes in volatility that almost no one could have predicted.

The economist urged supporters to get out of the crypto-industry as soon as possible due to its instability, lack of regulation, and the amount of manipulation the crypto-market faces.

Is Peter Schiff right about bitcoin ?

Peter Schiff has become popular among crypto-traders and investors due to his bold and often provocative predictions, based mostly on subjective assumptions and views. At the same time, Peter Schiff has highlighted real problems within the digital asset industry that are, in fact, truly disrupting its development.

One of Peter Schiff’s many concerns is the lack of intrinsic value behind Bitcoin, which remains the world’s largest cryptocurrency with a market capitalization of $326 billion. Because of the lack of foundation for this asset, Peter Schiff and other analysts believe that the price of digital gold will eventually fall to zero and there will be no fuel for its recovery.

Today, bitcoin is trading at $17,000 and has shown virtually no volatility since November 30.

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