How Low Could Bitcoin Go During the ‘Crypto Winter’?

Vinod Dsouza
btc bitcoin green
Source: Pexels

Bitcoin saw a ray of hope today as it spiked nearly 10% in the indices and turned the market green. BTC is trying to claw back above the $20,000 mark as buyers have gained dominance. However, the market might not remain ‘green’ forever as ‘crypto winter’ has taken over the new financial sector. Several analysts have predicted that BTC could slump 80 to 90% from its all-time high of $69,044, which it reached in November last year.

Prominent cryptocurrency skeptic and investment advisor Peter Schiff have been ringing the warning bells of a Bitcoin crash this year. The analyst was on a Twitter spree during the recent slump reminding his followers, ‘I told you so.’

BTC price could head lowers, not that it has dropped under the crucial support at $20,000.

Read More: Here’s How Much the ‘Biggest Bitcoin Whale’ Purchased BTC During the Dip

Bitcoin chart
Source: Twitter / Peter Schiff

How Low Could Bitcoin Go?

According to Peter Schiff, Bitcoin could take many more hits in the indices and fall dramatically in the coming weeks. Even he believed that the value of the largest crypto is bound to drop further, and $19K should not be considered the bottom.

In his recent tweet, Schiff shared BTC’s chart suggesting the leading coin could fall to as low as $5,000. The analyst also urged investors to sell their BTC and rebuy it at a much lower price to generate good profits.

The king-coin falling below the $10,000 mark could be intense as the global crypto market cap might fall under $500 billion.

Read More: Tether Suffers DDOS Attack

“How can anyone long Bitcoin look at this chart and not sell? 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,” tweeted Peter Schiff.

We will have to wait and watch if Schiff’s prediction of Bitcoin crashing to $5,000 will be a reality. At press time, BTC was trading at $19,986, up 9.8% in 24 hours. However, it is down 71.2% from its all-time high of $69K and could take months to breach its previous levels.