Peter Schiff Believes Bitcoin Likely to Keep Falling for This Particular Reason

Chief executive of Euro Pacific Capital and founder of SchiffGold, Peter Schiff is an economist and fund manager. He has used Twitter to poll the public about the current Bitcoin crash below $20,000

This survey by the gold bug Schiff suggests that the psychological mark of $20,000 may not be recovered by the top crypto and could go lower.

“There are more Bitcoin sellers than buyers”

Schiff tweeted that he believed that there were many Bitcoin buyers below $20,000, but that there are more people who want to sell Bitcoin above $20,000.

To find out what his Twitter followers think, he set up a poll. 52.9% of those surveyed voted that there are more Bitcoin sellers than buyers.

16336 people have already voted within 13 hours of the launch.

Peter Schiff said earlier this year that he was close to getting it right with his bearish Bitcoin predictions. This happened in June, and again nine days ago in August.

It seems that there are still many buyers for #Bitcoin under $20K. There are many sellers over $20K. The market will run out of buyers before there are sellers. Which do you think will happen first?

Peter Schiff (@PeterSchiff). August 28, 2022

‘Bitcoin Derangement Syndrome’

Spencer Schiff, the son of a Bitcoiner, reproached his father for spending too much time watching price. He acknowledged that not all Bitcoin holders spend as much time on it. Schiff Jr. called his father’s actions the “Bitcoin derangement Syndrome.” 

Schiff Sr. wished Spencer Schiff a happy birthday on Saturday. He also mentioned his love for Bitcoin. Schiff Jr. said that his attraction to BTC was not motivated by a passion, but rather because he believes that BTC can help make humanity more technologically advanced and prosperous.

In August last year Spencer Schiff said that he was all in on Bitcoin from the gold his father trusts and loves.

In the past month, key whale addresses were up

Santiment, an on-chain vendor of data, tweeted about Bitcoin’s movement above the $20,000 mark over weekend. He pointed out a correlation between Bitcoin’s price and whale wallets that have between 100 BTC to 10,000 BTC.

The tweet shows that the number of wallets has increased by103 over the last 30 days.

The growth in key whale addresses is a positive sign, #Bitcoin having danced to around $20,000 this weekend. The price of $BTC and the number of addresses holding 100-100k $BTC is correlated. They’ve increased 103 over the past 30 days. https://t.co/B7hjXi758z pic.twitter.com/0ozMBG7Oct

– Santiment (@santimentfeed). August 28, 2022

Powell’s speech pushes Bitcoin below $20K

BTC’s first drop below $21,000 was caused by Friday’s speech by Jerome Powell, Fed Reserve chairman. It later fell to $20,000 after Powell spoke.

He said that the U.S. central banking will continue to be hawkish for a while. Both the stock and crypto markets fell heavily in response.

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