Bitcoin (BTC) price is heading to $4,000 after breaking support to trigger a sudden bear market, says one of its most prominent critics.
Gold bug pounces on Bitcoin price drop
Subsequently correcting to circle $8,500, the recovery was not enough for Schiff, who claimed the shedding of $1,800 was just the start.
“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,” he wrote.
“The risk is high for a rapid descent down to $4,000 or lower!”
Schiff appears to suggest $4K is support
Bitcoin proponents are used to Schiff’s criticism. In recent months, several spats have seen the gold investor attempt to prove Bitcoin’s inferiority, especially in relation to the precious metal.
Responding, some noted the irony of Schiff implying $4,000 was now support for Bitcoin. Others added that the figure was still several times higher than the gold price.
According to Schiff in a previous prediction, gold should ultimately reach $5,000, while Bitcoin, he alleges, will never break $50,000.
A previous 7% price drop in August sparked claims Bitcoin had already failed its test as a safe haven asset.