• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Breaking: Arbitrum Announces The Launch Of Its New Token ARB, Transitioning To DAO
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Arbitrum Announces The Launch Of Its New Token ARB, Transitioning To DAO
peter schiff ridiculous bitcoin price prediction
Advertisement

Bitcoin Price at $2,000? Peter Schiff Criticized for Extreme Predictions

Christine Vasileva by Christine Vasileva
3 years ago
in Bitcoin Price, Bitcoin, News, News teaser, Trading
0
Advertisement

Bitcoin price might free fall to $2,000 – this is what gold proponent Peter Schiff sees in the charts. But the extreme prediction raised criticisms.


Gold Bug Peter Schiff Sees Doom for Bitcoin

BTC is at crossroads once again, after breaking below $8,000. Predictions of new lows were triggered, but the expectations of Peter Schiff are the most extreme ones.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Crypto trader Josh Rager laughed at Schiff’s approach at seeing a large-scale head-and-shoulders pattern on the bitcoin price chart in 2019.

Imagine believing that you can actually predict the price of Bitcoin on high time frame charts by using H&S patterns https://t.co/0XUoUN48E4

— Josh Rager ? (@Josh_Rager) October 19, 2019

Bitcoin prices have shown several patterns for the medium to longer-term, but the price remains unpredictable. The more prevalent expectations see lows near $6,000, but the extreme drop to $2,000 seems outlandish.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

BTC is much more liquid now, with volumes above $15 billion even on a relatively slow day. And while the last bear market brought a low of $3,200, the crash to $2,000 seems outlandish. At those prices, mining may grind to a halt, as even Chinese miners have breakeven prices at around $3,500.

While bitcoin is indeed one of the assets that conforms to charting, so far it has behaved more erratically than stocks. BTC does not follow exactly the same patterns, though some predictions are amplified by bot trading.

BTC Prices Expect Boost from Nearing Halving

The prediction on a crash to levels not seen in more than two years arrives just at a time when bitcoin is entering a period of extreme scarcity. The network is just months away from another block reward halving – an event that has been historically preceded by a price rally.

Additionally, $2,0000 BTC would not be reached before new buyers boost the prices. Bitcoin is no longer only reliant on retail buying, but shows an inflow of high net worth individuals, with a proliferation of 1,000 BTC wallets.

Additionally, in past months, the bitcoin volatility index decreased and is currently around 3.03% – a significantly lower indicator in comparison to levels of 14% in the years past. BTC is no longer the arena of speculation but has shown a propensity to spend long periods of time locked at one price range.

Bitcoin, however, is seen as repeating the moves from November 2018, when the seemingly stable prices broke down and led to lows of $3,200 before the next rally, erasing around 50% in Q4.

What do you think about Peter Schiff’s extreme bitcoin price prediction? Share your thoughts in the comments section below!


Image via Bitcoinist Media Libary, Twitter: @Josh_Rager

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Christine Vasileva

Christine Vasileva

Christine Vasileva is a financial news and business writer, tracking the latest developments in fintech and the effect of blockchain and crypto-assets on global business and finance.

Related Posts

Bitcoin

Bitcoin Bullish Signal: Transaction Activity Hits Highest Since April 2021

6 hours ago
bitcoin 1970s gold fractal

Is Bitcoin Following An Explosive 1970s Gold Fractal?

8 hours ago
Banking Crisis Causes $26 Billion Increase in Bitcoin Market Cap

Banking Crisis Sees Bitcoin Market Cap Rise By $26 Billion

8 hours ago
Bitcoin (BTC)

Bitcoin Could Continue Rally Amid Intensified Banking Crisis, Here’s Why

12 hours ago
Bitcoin

Major Bitcoin ATM Maker Hacked, Over $1.5 Million In BTC Stolen

17 hours ago
Bitcoin BTC macro this week

Big Week Ahead For Bitcoin And Crypto: This Will Be Key

18 hours ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
Coinplay
Coinplay
K8
K8

Sportbooks

Coinplay
Coinplay

Press Releases

  • Cryptocurrency News Today: Shiba Inu Burns Tokens While...

    11 hours ago
  • Vote-to-Earn Project Love Hate Inu Raises $1 Million &...

    16 hours ago
  • Get Ready to Save Animals and the Environment with...

    19 hours ago
  • Investors Turn to TMS Network (TMSN) As Tron (TRX) And...

    19 hours ago
  • Investors Have Lost Confidence in Solana (SOL) And Ripple...

    19 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.