- Peter Schiff is once again making apocalyptic bitcoin price predictions.
- This isn’t the first time the famous gold bug has sounded the alarm on the crypto market.
- Are crypto investors right to treat him like the boy who cried wolf?
Peter Schiff has remained active on Twitter lately, chiming in on the Fed’s ballooning balance sheet and the sharp gold sell-off. However, another issue catching significant traction is his extremely bearish view on bitcoin.
Peter Schiff: ‘Get Ready for the Dump’
Even though the largest cryptocurrency is widely considered to be in a bull market, Schiff has repeatedly made daring gloom-and-doom calls – with questionable success.
On October 18th, for instance, Schiff described bitcoin’s chart as “horrible.” He projected that the crypto token would collapse all the way down to $2,000.
Peter Schiff’s prediction turned out to be an epic failure. | Source: Twitter
A few days later, bitcoin engineered a massive pump. The cryptocurrency surged by 40 percent to record the third-biggest rally in a 24-hour period.
On Friday, Schiff took to Twitter once again to spill his gloomy outlook on the dominant cryptocurrency. The pullback from $9,250 down to $8,660 may have emboldened the gold bug to proclaim that the move up is over.
Peter Schiff with yet another bearish prediction. | Source: Twitter
“Crypto Twitter” was quick to respond, and it seems like they’re growing tired of Schiff’s blown bitcoin calls. In fact, many users now see him as a counter-trade signal.
Here’s one reply:
The Cryptoboy regards Schiff as a hero. | Source: Twitter
Others were more deliberate in their response.