The most infamous Bitcoin bears are finally having their long-awaited field day.
Gold bug Peter Schiff, who is known as one of the most avid cryptocurrency haters, now claims that the BTC price could plunge up to $4,000 following its shocking drop to the sub-$8,000 level.
#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
The crypto king has recently tanked to its lowest level since June at $7,944.33.
The good news is that Bitcoin has finally broken out of its descending triangle that had the crypto community scratching their heads for months. The bad news (at least, for the bulls) is that BTC is most likely heading much lower.
According to BitBull Capital CEO Joe DiPasquale, this sharp sell-off was caused by a double-whammy of the Bakkt flop and the 40 percent hash rate drop. Speaking of the former, DiPasquale believes that physically-settled Bitcoin futures might pick up steam in the long term.
Bakkt’s futures will gather traction in time and it is too early to judge the service based on initial volume.”
Buying the dip
The Winklevoss twins were undoubtedly among those who were the most affected by Bitcoin’s 15 percent slump. Their collective Bitcoin fortune has dwindled by tens of millions of dollars in split minutes.
However, the famed Bitcoin billionaires see this drop as another buying opportunity.
PRO TIP: Buy the dip!— Tyler Winklevoss (@tylerwinklevoss) September 25, 2019
Pro Tip: Spartans HODL!— Cameron Winklevoss (@winklevoss) September 25, 2019
These two know a thing or two about hodling given that they acquired a whopping $11 mln worth of BTC back in April 2013 when the top coin was trading at just $266.