One of the most notorious Bitcoin and crypto opponents, gold advocate, economist and fund manager Peter Schiff announced his new targets for Bitcoin and Etherum for this weekend. Schiff predicted a large drop in prices and suggested avoiding the "buy at the bottom" strategy.
Schiff's forecast was based on the most recent sell-off in the cryptocurrency market as Bitcoin slumped to $27,500 and fell from the consolidation range that had formed since the beginning of May.
“This could be a rough weekend for crypto. Bitcoin looks poised to drop to $20,000 and Ethereum to $1,000. If so, the overall market cap of around 20,000 digital tokens will drop from around $3 trillion at its peak to just under $800 billion. Buy this dive Don't buy it. You'll lose a lot more money."
The correction in the market was supported by unexpected inflation figures that exceeded expectations of both traditional and crypto markets. As Bitcoin and other cryptocurrencies mostly follow risky asset trends, the market had no choice but to set aside digital assets and redistribute its funds towards safer options.
Inflation hedges like gold have gone the opposite direction, picking up more than 2.5%, noting the average volatility of gold as a major move, especially after facing a 1% loss. But while Bitcoin and market entry in general are losing, Ethereum has its own issues during the 11% drop. Following the unbundling of the stETH and ETH pair in Celcius, the lending and borrowing market may face serious problems if ETH drops below $1,150 as it will initiate a massive liquidation chain in the market.
Bitcoin price is around $27.92 at the time of writing. The last 24-hour trading volume of BTC was $27,778,541,281. BTC price is down -1.8% in the last 24 hours.