Prominent Bitcoin critic and gold advocate Peter Schiff is out with another ill prediction of the king of crypto. Schiff, known for torturing Bitcoin and altcoin traders and advising them to always sell, claims that BTC will be in for a long plunge if it breaks through three crucial support levels.
Bitcoin fell to a record daily low since early December, shedding more than 10% and trading around $42k, while consolidating between $44k and $49k. Not only is BTC doing badly, but it is also affecting the performances of other cryptos, which have recorded massive losses.
The bearish crypto market can be attributed to the hawkish news from the Fed last December regarding its balance sheet for 2022. Fed Chair Jerome Powell, revealed that the entity will shrink its balance sheet in the new year.
Coincidentally, the last time BTC reacted to Fed news was last December, when the Federal Reserve emphasized that interest rates will remain unchanged. Bitcoin shot up to $49k after the announcement, and although it plunged by a few dollars, it surged for a few days.
Bitcoin Posed To Head Towards The $15K Mark
Peter Schiff predicts BTC to fall to $30k if it breaks the $42k support level. That’s not all; the Europac Head, also predicts that the flagship crypto will fall further to $15k level if it breaks the $30k support zone. Schiff then urged all leveraged traders to sell immediately now that they have the chance to prevent liquidation.
Schiff isn’t the only BTC prophet to predict the doom of the flagship crypto. CryptoWhale also expects Bitcoin to fall below $10k this year. The analyst told his hundreds of thousands of followers on Twitter that BTC will continue to retrace if people see that the market bubble is all hype and instigated by fake money. The analyst said that BTC demand is low, and the only people buying it are those who fear missing out.
Any Further Predictions About The Market?
The crypto market is in one of the worst places at the moment. BTC is down 40% from the A.T.H. it attained in November. With cryptocurrencies witnessing headwinds, establishing a bottom will be complicated and might take longer.
Despite the negativity surrounding cryptos, Sam Bankman-Fried of FTX exchange and New York Mayor Eric Adams, advised people to buy BTC now that things are down. According to Bankman-Fried, it’s wise to build in a bear market because “being down today doesn’t mean down the next day.”
Adams, who became the first Mayor to receive his salary in BTC, said that the blockchain is promising and has lots of things in store for everyone. The Mayor remains unfazed by the bearish crypto market.