Peter Schiff Predicts Bitcoin To Drop to $20K Price Level
Popular Bitcoin critic Peter Schiff predicted on April 14 a potential slump in BTC’s price to $20K. He also warned that Microstrategy, the largest corporate holder of Bitcoin, could potentially lose an estimated $2.7 billion if the price crashes.
Peter Schiff disclosed his Bitcoin price prediction in an X post while stressing the importance of the asset’s $60K support level.
The vocal advocate for gold and Bitcoin skeptic cautioned that a further slump below Bitcoin’s $60K price level could trigger a sharp decline that might lead to a major drop to $20K.
The Schigff proceeded to highlight the potential impact of the price drop on MicroStrategy’s Bitcoin investments.
$60K is critical support for #Bitcoin. A decisive break below that level will create a formidable triple top. The immediate downside projection is a move to $20K. At that price $MSTR will have a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K. pic.twitter.com/F1P0NpLS3X
— Peter Schiff (@PeterSchiff) April 14, 2024
MicroStrategy currently holds 1% of the total supply of Bitcoin, approximately 214,000 BTC, acquired at an average price of $34K. But, a drop to $20K would result in an estimated “unrealized loss” of $2.7 billion for the company.
While MicroStrategy’s Bitcoin holdings have recorded losses during bearish markets, the company’s CEO, Michael Saylor, has always been optimistic about Bitcoin. He has consistently encouraged investors to hold with a long-term approach. According to him, chaos in traditional markets tends to benefit Bitcoin.
Chaos is good for #Bitcoin.
— Michael Saylor⚡️ (@saylor) April 13, 2024
This is not the first time Schiff has targeted Microstrategy amid uncertainties in the crypto market. In March, the gold
Read more on cryptonews.com
