Peter Schiff, CEO of Euro Pacific Capital, has updated his bottom-line prediction of the Bitcoin price and has given advice to investors.
The well-known Bitcoin critic and gold supporter predicted in mid-May the digital asset would test the support level at $8,000. He justified this by the "double top" and "head and shoulders" patterns formed on the price chart.
This time, Schiff has focused his attention on the long-term support level in the $5,000 region.
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He has said:
"Even if you think Bitcoin will ultimately trade higher, it's hard to image that it doesn't test long-term support at the lower line first. I think it will fail that test. Regardless, better to sell now and rebuy lower."
Prior to his earlier forecast, Schiff has suggested that the flagship would fall below $10,000 if the price sharply breached the $30,000 level.
More than 80% of the participants in the survey he launched agreed that the quotes would go below the designated mark.
