Peter Schiff a well-known gold bug and a big-time Bitcoin critic has doubled down on his early Bitcoin price prediction of $1,000 a day before BTC slid below $7,000 for the first time since May. Schiff tweeted on Thursday saying that the technical indicators looked bearish and might form a head & shoulder pattern in line with the October 25th pump where Bitcoin made a 40% gain in 24 hours.

#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.

— Peter Schiff (@PeterSchiff) November 21, 2019

Bitcoin proponents neglected Schiff's tweet and believed that BTC price would not be impacted hugely due to the formation of a bearish pattern as a trend reversal might be in the cards. However, on November 22nd, Bitcoin did fall below the critical support of $7,000 which it crossed in May.

At the time of writing, bitcoin was trading at $7045 with a decline of 9.45% on the 24-hour price chart. And would need a significant rally to take its price near the $9,000 mark to avoid a massive fall. While Schiff maintained that no trend reversals are in the cards and a value of $1,000 will be more realistic, bitcoin proponents maintained that it's highly unlikely since a bull run is expected along with the block reward halving in the first quarter of 2020.

The current slump in Bitcoin price has brought down its net gain in 2019 below 100%, but it still has over a 100% gain since Dec 2018 lows. Despite the fall in the price of Bitcoin in the past couple of months, there is no selling frenzy in the market as the expectation of a price boom is quite high and people are holding onto their Bitcoin in hopes of massive bull run like 2017.