{"id":63180,"date":"2022-06-20T18:06:43","date_gmt":"2022-06-20T15:06:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63180"},"modified":"2025-09-05T22:33:18","modified_gmt":"2025-09-05T19:33:18","slug":"peter-schiff-says-bitcoin-has-not-bottomed-out","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-says-bitcoin-has-not-bottomed-out\/","title":{"rendered":"Peter Schiff says Bitcoin has not bottomed out"},"content":{"rendered":"<p>Bitcoin&#8217;s move back above $20,000 does not mean it has bounced off the bottom, warned Peter Schiff, the well-known cryptocurrency critic and gold advocate.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Don&#8217;t get excited about <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> being back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1538610320855400454?ref_src=twsrc%5Etfw\">June 19, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In the view of the president of Euro Pacific Capital, this level would be as much a &#8216;bull trap&#8217; as $30,000.<\/p>\n<p>On May 11, the prices of digital gold <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-sinks-below-30000\">broke through this level<\/a>. For about a month the price remained near the psychological mark, but on June 13 <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-tumbles-below-23000\">fell below $23,000<\/a>.<\/p>\n<p>On Saturday, June 18, the price of the first cryptocurrency <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-slips-below-the-20000-psychological-level\">broke through the $20,000 level<\/a>. A trader going by the nickname crypto bullet <a href=\"https:\/\/u1f987.com\/en\/news\/tech-analyst-pins-next-bitcoin-support-level\">triggered a price reversal<\/a> from $18,600. The local low was $17,760 (<a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\">CoinGecko<\/a>), after which Bitcoin rose above $20,000.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/I9YyRGFIP8se7G2ht1NSag4dK5oL-D24LlGV_LPtRDW3ELevddmMJshc7VS9nd9NFIb3nnf4Ret0gu9zVjtMRQBt5d9WRQx0zuwf76akiwAyAYqsUHF3qOyfFW-MPK00rJY-eBqYzIVm_Dq72Q\" alt=\"Peter Schiff refuted Bitcoin bottom\"\/><figcaption>Hourly BTC\/USD chart on Bitstamp. Data: TradingView.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Nothing falls in a straight line. In fact, this is a very orderly crash in slow motion. There are no signs yet of any capitulation that typically forms the bottom of a bear market,&#8221; Schiff said.<\/p>\n<\/blockquote>\n<p>In May, he forecast <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-predicted-bitcoin-test-of-the-8000-level\">a test of the Bitcoin at the $8,000 level<\/a>. In mid-June the investor suggested that the bottom could <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-better-to-sell-bitcoin-now-and-buy-it-back-cheaper\">be around $5,000<\/a>.<\/p>\n<p>Following the drop to $20,000, Galaxy Digital founder and CEO Mike Novogratz expressed hope that <a href=\"https:\/\/u1f987.com\/en\/news\/mike-novogratz-bitcoin-holds-above-20000-ethereum-unlikely-to-slip-below-1000\">the price would hold this level<\/a>.<\/p>\n<p>In early June, BitMEX cofounder Arthur Hayes said that Bitcoin, trading around $30,000, <a href=\"https:\/\/u1f987.com\/en\/news\/arthur-hayes-bitcoin-and-ethereum-have-already-hit-local-bottom\">has reached the bottom of the current cycle<\/a>.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s move back above $20,000 does not mean it has bounced off the bottom, warned Peter Schiff, the well-known cryptocurrency critic and gold advocate.<\/p>\n","protected":false},"author":1,"featured_media":63181,"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":[480,1138,1298],"class_list":["post-63180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63180","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=63180"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63180\/revisions"}],"predecessor-version":[{"id":63182,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63180\/revisions\/63182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/63181"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=63180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=63180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=63180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}