Bitcoin holders should not get too thrilled about BTC rising back above $20,000, according to Schiff. He feels that $20,000 is the “new $30,000,” and that such a little gain is to be expected after such a steep loss. The big drops don’t come in a row, and the slow crash is “extremely orderly,” he said.
Schiff also said that he does not see any signs of capitulation yet which would indicate the bottom of the current bear market for crypto.
Schiff predicted that bitcoin would fall to $6,000 on many occasions earlier this year. He tweeted over the weekend that his prior prediction of the cryptocurrency market going below $800 billion had come true. However, it took a few more days, and the cryptocurrencies outperformed expectations.
The founder of Shiffgold also noted that bitcoin is now trading below its all-time high of $20,000 set in December 2017. BTC is currently down 2% from that historical price level, according to Schiff.
Schiff has previously accepted that “cryptocurrency may have a future” in a tweet; nevertheless, he feels that bitcoin will not be included in this.
Overall, he acknowledged that the crypto market is going through “a good shake-out” right now; however, the healthy aspect, he clarifies, is making the economy healthy, not the crypto market itself.