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Bitcoin Price Rapidly Headed to $4,000 or Lower, Says Hater Peter Schiff
• https://www.ccn.comStockbroker, financial commentator, and gold proponent Peter Schiff's disdain for bitcoin is well known. The gold bug hasn't held back in his criticism of the flagship cryptocurrency, calling it a "Ponzi Scheme" earlier this year. He now seems to be taking sadistic pleasure as the price of bitcoin is crashing, and he is rubbing it into crypto bulls with a gloomy price forecast.
#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!
— Peter Schiff (@PeterSchiff) September 24, 2019
Peter Schiff suggests that the bitcoin price rally is over
According to Peter Schiff's tweet, he believes that the price of bitcoin has hit a "major top." With the establishment of a bearish technical pattern that saw the bitcoin price fall below the support line of the descending triangle, Schiff estimates that there is a lot of downside risk in the cards.
In fact, the bitcoin bear forecasts that the price of crypto asset could head to $4,000 or lower, implying a downside of more than 50 percent from current levels.
The price of bitcoin has dropped below the critical $8,500 mark. | Source: TradingView
Schiff's bashing is not at all surprising as he seems hell-bent on seeing the cryptocurrency fail. He has earlier pointed out that bitcoin does not have any intrinsic value, and it will never hit optimistic price forecasts of $50,000.