A well-known cryptocurrency skeptic again predicts a massive fall for Bitcoin and the entire cryptocurrency market. In his opinion, the BTC rate may fall several times at once.
Peter Schiff tweeted that the current 70% drop from peaks is too small for the first cryptocurrency. Bitcoin, in his opinion, should cost noticeably less than $10,000.
“There is a significant risk of Bitcoin falling more than 70%. After falling from $69,000 to $15,000, bitcoin still hasn’t found a bottom and hasn’t even come close to it. Now bitcoin is too overvalued,” said Peter Schiff.
The industry is now too heavily affected by the bankruptcy of the FTX exchange and its affiliates. Since the collapse of FTX, several other crypto firms have filed for liquidation and many analysts expect the industry to continue in crisis.
In September, Peter Schiff said that bitcoin is like a ship crashing and urged investors to stop investing in the first cryptocurrency.
Source: Bits
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