Peter Schiff Thinks BTC Could Easily Fall to $6K

According to the well-known investor and BTC critic Peter Schiff, bitcoin could easily fall to $6K in the coming days. He also said that it’s also likely for it to fall as low as $3,000 if BTC holders keep selling off their holdings. If #Bitcoin can collapse by 70% from $69,000 to under $21,000, it can just as easily fall another 70% down to $6,000. Given the excessive leverage in #crypto, imagine the forced sales that would take place during a sell-off of this magnitude. $3,000 is a more likely price target. — Peter Schiff (@PeterSchiff) June 14, 2022 The tweet from Peter Schiff on BTC has come in the wake of mass firings by crypto companies. Popular crypto exchanges like Coinbase have laid off 18% of their workforce. This is most likely just the beginning of a wave of layoffs that will reverberate throughout the crypto community and beyond. Many hodlers may, therefore, be compelled to sell their Bitcoin as a result of their inability to find work. Bitcoin’s price can plummet as much as 70% from $69K to around $21K, and if that happens, it might go even further down to $6K. Picture the compelled sales that would occur in the event of such a large sell-off due to the high leverage in bitcoin. A price objective of $3K seems more likely. Peter Schiff’s Outlook on the Crypto Market According to Peter Schiff, BTC appears to be on the verge of collapsing to $20K, while Ethereum appears to be on the verge of collapsing to $1K. With ...