“I expect a real crash”: Bitcoin critic Peter Schiff predicts a real bottom is ahead for BTC and ETH

On 16 June, Peter Schiff, a remarkable Bitcoin critic and founder of SchiffGold wealth management fund,  made another loud statement. Previously, on June 11, he made an almost accurate prediction of the current events in the cryptocurrency market. He wrote that Bitcoin could collapse to $20K, Ethereum to $1K, and warned crypto traders not to buy on that drop because they “will lose a lot more money.”

Now Schiff has predicted the future fate of the two most popular and expensive cryptocurrencies. In his opinion, these indicators will signal that actual collapse is close.

“It took a few days longer than I thought, but Bitcoin came with $80 of $20K and Ethereum within $20 of $1K. That’s a 30% decline in Bitcoin and a 40% decline in Ethereum since this tweet 4 days ago! But the bottom is not in. When these lows are taken out, I expect a real crash,” he tweeted.

The economist added that Bitcoin no longer correlates with technology stocks on the way up, only on the way down, and “there’s no reason to own it”.

What’s next for cryptocurrencies?

No one can give an exact answer to this question. Opinions are divided fifty-fifty. Some experts predict that the market collapse will continue. Others are buying Bitcoin and Ethereum in anticipation of a bull market.

For example, the pseudonymous analyst who goes by the name il Capo Of Crypto is confident that BTC could easily reach $16–18k if 20k breaks.

“If $BTC breaks the $20k level, panic could be massive. Many people have stop losses below this level. Many others think it can’t break the 2017 ATH because it hasn’t happened before,” he wrote.

In contrast, renowned cryptocurrency expert Crypto Rover believes that the long-term prospects are excellent, and bitcoin will grow to $100,000 and then hit $1,000,000.

“It’s not a matter of if, but when!” he thinks.

Last week Crypto Rover predicted that by 2025 BTC will rise to $300,000.