- Peter Schiff unveils his belief about Bitcoin.
- He came up with a long-term chart representing BTC.
- He brought up an imaginative picture of how BTC will appear if it dips to $30k.
Peter Schiff, the CEO and chief global strategist of Euro Pacific Capital Inc. has expressed his financial perspective and his heartfelt belief based on how Bitcoin will appear to traders if it declines to $30k.
In detail, he made this Bitcoin move to address his Twitter (NYSE:TWTR) followers in regards to how certain he is, in terms of BTC. As said, he specifically reacted openly and represented a long-term chart of Bitcoin.
TradingView: BTC/USD Chart
Technically, based on the BTC pattern on the chart and its market position, Peter Schiff asked the crypto netizens to picture how bad Bitcoin will appear in the long-term if it plummets to its last year’s $30k.
To add on, regardless of how turbulent the chart would be in the future, Peter Schiff defended a complete downward trend for Bitcoin. He stressed that despite any collective FUD and how the market will go bearish at this crucial moment, it’s impossible for Bitcoin to see a drastic decline from its present $41k to $10k.
He explained,
Here is a long-term chart of #Bitcoin. Imagine how bad this chart will look once Bitcoin breaks below $30K. A drop to $10K would seem like a lock, but there’s no reason to believe that level would hold up as a permanent floor. If this double top completes, the real floor is zero!
Traders and crypto lovers entered Schiff’s Bitcoin’s tweet bandwagon wherein they expressed their emotions that appeared in support of Peter Schiff’s. The traders suggested that if BTC drops to the assumed $30k, it will bring a great opportunity for them to buy the dip.