{"id":61181,"date":"2022-05-09T14:30:40","date_gmt":"2022-05-09T11:30:40","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61181"},"modified":"2025-09-05T10:39:28","modified_gmt":"2025-09-05T07:39:28","slug":"peter-schiff-outlines-condition-for-bitcoin-to-fall-to-10000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-outlines-condition-for-bitcoin-to-fall-to-10000\/","title":{"rendered":"Peter Schiff outlines condition for Bitcoin to fall to $10,000"},"content":{"rendered":"<p>If Bitcoin decisively breaks below $30,000, it seems highly likely that the price will fall below $10,000. The forecast came from gold advocate and critic of the leading cryptocurrency Peter Schiff.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">If <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> breaks decisively below $30K it seems highly likely that it will crash below $10K. That means anyone who owns Bitcoin now has a very important decision to make. What will you do? You had better decide now so you don&#8217;t panic and make a rash spur-of-the-moment decision.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1523361185361326080?ref_src=twsrc%5Etfw\">May 8, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He launched a Twitter poll to determine what strategies holders would pursue in this scenario.<\/p>\n<p>As of writing, more than 34 000 users had participated. Fewer than 20% of respondents believed prices would not drop below $30,000.<\/p>\n<p>During the poll Schiff noted:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;As of now, 80% of the 16,000 Bitcoin owners who answered my poll believe it will fall below $30,000. Given the current price of $34,500, why not sell and buy back after the drop, especially if you can also book a tax loss?&#8221;<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">So far 80% of the 16,000 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> owners who responded to my poll believe that Bitcoin will fall below $30k. Given the current price of $34.5k, why not sell and buy back after the drop, especially if you can also book a tax loss?<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1523400062038003712?ref_src=twsrc%5Etfw\">May 8, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>During the poll, 54% of respondents planned to hold the asset. 15.5% intended to follow Schiff&#8217;s advice: sell the cryptocurrency and buy back later at a lower price. Only 10.5% were prepared to divest of Bitcoin.<\/p>\n<p>The investor noted that he intentionally excluded the option of adding to his crypto on a decline. But he suspects many hodlers will resort to it.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This is a bad idea,&#8221; Schiff said.<\/p>\n<\/blockquote>\n<p>His market-fall forecast was echoed by a Bitcoin analyst under the handle Benevolent Ponzi. But he cautioned that it is unlikely in the near term.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We will probably see a repeat of 2018. But it is unlikely to happen over the coming months. The market loves to make us wait for more pain.&#8221;<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Nice oversimplification Peter. We\u2019ll probably see a rhyme of what happened in 2018. But it\u2019s unlikely to happen for months. Market loves forcing us to wait for more pain. <a href=\"https:\/\/t.co\/t3TnzidzXe\">https:\/\/t.co\/t3TnzidzXe<\/a><\/p>\n<p>\u2014 Benevolent Ponzi (@benevolentponzi) <a href=\"https:\/\/twitter.com\/benevolentponzi\/status\/1523369255160492035?ref_src=twsrc%5Etfw\">May 8, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On May 9, the cryptocurrency <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-falls-below-32000\">fell below the $33 500<\/a> level.<\/p>\n<p>Earlier in January, Galaxy Digital founder Mike Novogratz <a href=\"https:\/\/u1f987.com\/en\/news\/mike-novogratz-bets-peter-schiff-1-million-on-bitcoins-price\">made a $1 million bet<\/a> with Schiff about Bitcoin&#8217;s price. Schiff, for his part, had forecast a drop to $10,000 beforehand.<\/p>\n<p>In January, a Bitcoin trader going by the alias macromule <a href=\"https:\/\/u1f987.com\/en\/news\/trader-touts-success-of-tweet-driven-strategy-tied-to-peter-schiff\">disclosed a successful trading strategy<\/a> based on tweets about Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If Bitcoin decisively breaks below $30,000, it seems highly likely that the price will fall below $10,000. The forecast came from gold advocate and critic of the leading cryptocurrency Peter Schiff.<\/p>\n","protected":false},"author":1,"featured_media":61182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1146,1298],"class_list":["post-61181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-cryptocurrency-market-forecasts","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=61181"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61181\/revisions"}],"predecessor-version":[{"id":61183,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61181\/revisions\/61183"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/61182"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=61181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=61181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=61181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}