Crypto Analysts Calls For A BTC Price Drop Below $4k Are Resurfacing As Bitcoin Crashes
Bitcoin price has lost more than 23% of its value in the last 5 days, as it crashed from about $10,100 on Sept. 23 to $7,733, today’s lowest point.
Every other day we have been breaking a new level, on this basis before this week is over we would be in the $4,000 price range. And this BTC crash has brought about those bears back on the CT.
First, gold proponent Peter Schiff took to Twitter to share his two bits about Bitcoin which he believes would go to $4,000 or lower.
“Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very bearish technical pattern, and it confirms that a major top has been established,” said Schiff.
“The risk is high for a rapid decent down to $4,000 or lower!” he added.
Schiff’s bearish statement about BTC price propelled Tone Vays, a New York-based cryptocurrency analyst and blockchain consultant, to share his beloved BTC price prediction.
Agreeing with Schiff, he said, “once it finds a bottom: above, at or below $4k, I will be going ALL IN on BTC w/ whatever I can sell that's not nailed down!”
You might think that’s a bold prediction. Umm, No! It’s not. Vays’ previous prediction before BTC broke all records and surged 200% in 2019 was $1,200. Back in December 2018, when BTC hit its bottom at $3,200, Vays said BTC would trade at $1,200 for over a year.
Well, we all know how that went. At the time of writing, Bitcoin has been trading at $7,879 with 24 hours loss of 5.45 percent. Now it’s to be seen how low we would actually hit this time before BTC flies high yet again.