Peter Schiff wrote on Twitter that he predicted the bearish scenario in Bitcoin (BTC). Peter Schiff, founder of Euro Pacific Capital and SchiffGold and one of the popular Bitcoin opponents, said in a recent tweet that this bearish prediction for Bitcoin (BTC) came true, although it was not exactly what he expected, referring to his post published on August 14.
"This was my most recent #Bitcoin tweet. Many of you accused me of spreading #FUD. In the 5 days since this tweet the price of Bitcoin has fallen by over 14%. Those making fun of my tweet should have heeded my warning and sold. There's still time to sell. Better late than never!"
Peter Schiff, the leading cryptocurrency fell more than 7 percent from the $22,000 level. He shared the tweet, which he predicted that Ethereum (ETH) will fall below $ 1,700, a few days before the current Bitcoin drop. Schiff's tweet:
"Just to put the #Bitcoin rally into perspective, take a look at this chart. The pattern remains very bearish. There's both a double top and a head and shoulders top. There's a rising wedge forming below the neckline. At a minimum support will be tested below $10K. Look out below!"
Schiff reminded the crypto community of a tweet he posted last Sunday, where he said that Bitcoin will likely test support below $10,000 in the near future. As for the details, Schiff warned the crypto community that two bearish patterns on this chart are forming an “ascending wedge”. In today's tweet, he added that in the five days after this post, Bitcoin has dropped more than 14 percent and is currently trading in the $21,300 region. He added that many in the community accuse him of spreading fear, anxiety and uncertainty (FUD) on Twitter.