BTC fell sharply to $ 7,500, altcoins also do not demonstrate success

Today in the morning, the BTC rate began to decline, after lunch for only 5 minutes, the cryptocurrency rate fell by $ 400 – from $ 7,900 to $ 7,500.

The cost of BTC fell by about 9%, at this level cryptocurrency was last traded in May of this year. Against the backdrop of the fall of Bitcoin, all altcoins from the TOP-20 demonstrate a decline. Most of all, the cost of Litecoin, Binance Coin, Bitcoin SV, Chainlink decreased by about 10-13%.

It is noteworthy that the other day Peter Schiff, a financial specialist who has repeatedly criticized Bitcoin, noted that the technical picture of the flagship cryptocurrency does not inspire. According to his assumptions, the figure “head and shoulders” may soon appear on the chart. “Head” is the level of $ 14,000, “neck” is the range of $ 6,000- $ 8,000. These signs, he said, indicate a possible decrease to $ 2,000.

The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $ 6K, but we are close to completing the right shoulder of a head and shoulders top, with a $ 14K head, and neck line just below $ 8K, that projects a collapse to below $ 2K!

Peter Schiff (@PeterSchiff) October 19, 2019

Some analysts began to argue with Schiff, some said that such a fall would be a good opportunity for investors to buy BTC. Schiff objected, saying that there was nothing good in a 90 percent collapse and noted that at such a pace the cost could fall to $ 200.