Over the past few days, the BTC rate has been steadily declining, and yesterday the cryptocurrency value plummeted to below $ 8,000, analysts give completely non-optimistic forecasts.
On his Twitter blog, financial guru Peter Schiff, who is also president of Euro Pacific Capital Inc., commented on yesterday's BTC price drop from $ 9,700 to $ 7,990. An initial correction of up to $ 8,500 has already allowed Schiff to realize that the loss of $ 1,500 is just the beginning. He explained that BTC fell below the support line of the large descending triangle, which took several months to form. This, he said, is a real bearish technical model – there is a risk that the rate will collapse to $ 4,000 or even lower.
#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $ 4,000 or lower!
Peter Schiff (@PeterSchiff) September 24, 2019
Meanwhile, Anthony Pomliano, co-founder of Morgan Creek Digital, drew attention to the fact that now is the perfect time to enter the market. On his Twitter page, he announced that he managed to buy BTC at a bargain price.
I bought more Bitcoin today ??
Pomp ? (@APompliano) September 24, 2019
The team at Messari has published a chart that shows data on the number of days when the price of Bitcoin fell off by more than 10%. Analysts have analyzed the dynamics of cryptocurrency over the past 8 years.
While bitcoin $ BTC is down well into double digits, similar losses occurred throughout its history. 70 different times bitcoin has fallen more than 10% representing 2.4% of total days over the last eight years (since August 1, 2011). https://t.co/J5LfMeYh9F pic.twitter.com/kmkNaeECT9
Messari (@MessariCrypto) September 24, 2019
Recall that in late August, Peter Schiff predicted that the price of gold will eventually reach $ 5,000, but the flagship cryptocurrency will never manage to rise to $ 50,000
