Peter Schiff Admits Wrong Expectations about Bitcoin, Analysts See Near Upside

Businessman and economist Peter Schiff retracted his previous expectations regarding the price of the cryptocurrency Bitcoin.

He had expected the collapse of the value of Bitcoin. However, his expectations were not fulfilled, as the value of the currency held and even witnessed a remarkable rise.

Schiff is one of the most prominent opponents of Bitcoin and cryptocurrency, although he also leans heavily towards gold.

Predictions about Bitcoin

Bitcoin rose to more than $12,000 on 17 August, reaching the highest annual level achieved by the cryptocurrency.

But the price retreated during the past week to only $10,000.

Meanwhile, Schiff’s expectations regarding gold prices came true after the rise in the price of gold last month.

“My expectations regarding gold prices were correct, while they were not the same with regard to the price of Bitcoin, after its steadfastness and reaching $12,000,” Schiff said.

He confirmed that Bitcoin’s decline to $10,000 in the last three weeks is an indication of a new downward trend.

Bitcoin reaching $100,000?

This comes as many experts speculate that the price of Bitcoin will soon increase.

Su Zhou, President and General Manager of Three Arrows Capital, confirmed that Bitcoin could lose 50% of its value but could then reach $100,000. However, this is a greatly exaggerated expectation, given the current price of Bitcoin.

Christopher Lewis, an analyst of Forex and cryptocurrencies, said that the Bitcoin market will once again return to the upside.

“The market at this stage is witnessing investors willing to take advantage of the decline in the price of Bitcoin,” added Lewis.

Lewis stressed that the market is likely to return to the upside in light of strong support factors, especially since Bitcoin tends to be very volatile.

“A drop of $2,000 will not be the end of the world, although it is close to 15%,” he said.

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Mohamed Tharwat 20 Articles
Cairo-based journalist, specialized in economics and finance markets