Schiff Reveals Only Reason for $1 Million Bitcoin

It looks like Bitcoin’s future is heading down a less optimistic path – at least according to its longtime critic Peter Schiff, as he recently outlined a scenario that could push the major cryptocurrency down to the $15,000-$20,000 range.

In a recent X post, Schiff highlighted what he sees as a concerning chart pattern, describing it as a “triple top,” a formation that he believes signals a potential decline. This suggests that, “at minimum,” it may fall to the upward trend line at around $42,000 may and not even hold for long there. Schiff thinks it is more likely that Bitcoin will retest the longer-term support levels at around $20,000.

In his warning, the cryptocurrency critic also issued a grim counterpoint to the optimistic perspective of Michael Saylor, as Schiff’s comment signals a direct challenge to Saylor’s bullish stance, cautioning him to “look out below.”

Having invested heavily in Bitcoin on behalf of his company, Saylor has been a key figure pushing the narrative of Bitcoin as a long-term store of value.

This looks like a triple top to me. The chart is even worse if you price #Bitcoin in #gold. At a minimum, Bitcoin is headed to the upward trend line at about $42K, but I doubt it will hold. A retest of longer-term support at $15K–$20K is more likely. Look out below. @saylor pic.twitter.com/d83NRh4Rx5

— Peter Schiff (@PeterSchiff) September 16, 2024

$1 million for Bitcoin: Schiff’s vision

What is more interesting is Schiff’s view that Bitcoin could one day reach $1 million, a target championed by some of the cryptocurrency’s most vocal supporters. When asked by a follower to celebrate in Puerto Rico if BTC hit that mark, Schiff responded that such an event would only be possible if a drink there also cost $1 million.

This response, though lighthearted, further reflects Schiff’s deep skepticism of such radical projections, reinforcing his belief that these extreme price forecasts rest on highly unlikely conditions.

Source