Peter Schiff calls $20 000 bitcoin support a false bottom

According to him, such a price would give short-sighted investors the opportunity to “climb aboard a sinking ship” and lose money

06.09.2022 - 14:25

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1 min

What’s new? Peter Schiff, head of brokerage firm Euro Pacific Capital, said that bitcoin's support at $20 000 is not real, despite the fact that the asset has been trading in that range for 12 days, and will end up being a false bottom. According to him, such a value will give short-sighted investors the opportunity to “climb aboard a sinking ship” and lead to the loss of funds. He said this on Twitter.

Markets rarely give investors much time to buy the bottom. #Bitcoin has been trading near $20K for the past 12 days. More likely $20k will prove to be a false bottom, giving suckers plenty of time to climb aboard a sinking ship. Better to abandon ship before the bottom drops out.— Peter Schiff (@PeterSchiff) September 6, 2022

What is known about Euro Pacific Capital? The company was founded in 1980 and is headquartered in Westport, Connecticut. It is a registered broker-dealer specializing in foreign securities markets. The Euro Pacific Asset Management unit, founded in 2009, has $1,2 billion in assets under management.

On August 13, Schiff already stated that the bitcoin exchange rate would not be able to reach new highs, and would likely continue to fall to the $10 000 mark and below. In his view, the current growth in the crypto market, including Ethereum's 70% rise in price, is not sustainable.

Bitcoin is trading at $19 761 as of September 6 at 14:00 UTC, having gained 0,1% overnight, according to Binance.

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