The cryptocurrency market briefly jumped as Ethereum (ETH) and other key cryptocurrencies surged to show green signs. Bitcoin (BTC) is up significantly, still trading well below its all-time high of $69,000 set in November 2021.
There is visible relief in the cryptocurrency market as the broader cryptocurrency market value has rallied 4.96% in the previous 24 hours after dipping below $900 billion.
Peter Schiff, one of the renowned Bitcoin opponents and founder of SchiffGold wealth management, took to Twitter to announce that he had made another near-perfect forecast of cryptocurrency values.
Last week, he claimed that he had correctly predicted the price of Ethereum. He believes that he has guessed with virtual accuracy the levels that Bitcoin and Ether would fall to.
It took me a few days longer than I thought, but #bitcoin came with $80 of $20K and #ethereal within $20 of $1K. That’s a 30% decline in Bitcoin and a 40% decline in Ethereum since this tweet 4 days ago! But the bottom is not inside. When these lows are removed, I expect a real crash. https://t.co/DNmfkwMK7V
—Peter Schiff (@PeterSchiff) June 15, 2022
Bitcoin and Ethereum price bottomed out at this level
Schiff recently tweeted that Bitcoin and Ethereum have reached the prices he projected for both earlier. That works out to $20,000 for BTC and $1,000 for ETH.
Schiff acknowledged that it wasn’t really a direct hit because Bitcoin was $80 below the predicted $20,000 level and Ethereum was $20 below the $1,000 level of his predictions.
He announced his forecast on June 11, just five days ago. Now, Peter Schiff feels that the bottom of these top two cryptocurrencies may not yet be reached. He stated that a real drop would occur for both coins as soon as the $20,000 and $1,000 marks are hit.
Schiff Predicts Bitcoin Price to Bottom at $5,000
On June 15, there was a tweet from Schiff that had a chart saying that Bitcoin was likely to drop to as low as $5,000, testing long-term support.
That message was sent after the leading cryptocurrency dipped below the $21,000 mark and came perilously close to the $20,000 threshold.
Schiff predicted on Twitter in early 2022 that Bitcoin would drop below $10,000 once it fell well below $30,000. If that happens, BTC will drop below $20,000 and then have “a long way to go.”
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