Renowned economist, dubbed “Gold Bug,” Peter Schiff, continues to make doomsday predictions for Bitcoin.
In a social media post from April 14, Peter Schiff provided a Bitcoin analysis. He said that in the event of a strong drop below $60,000, a downward target of $20,000 could be reached.
Implied that dropping below $60,000 would create a triple peak, which could turn the market bearish. The analyst also mentioned the potential losses of Bitcoin-focused investment company Microstrategy (MSTR) in such a scenario.
If Bitcoin drops to $20,000, he noted that Microstrategy’s position would be a $2.7 billion loss:
$60,000 is a critical support level for Bitcoin. A decisive break below this level will create a tough triple peak. At this point, a downward move towards $20,000 may come. At this price, MSTR will have an unrealized loss of $2.7 billion on the 214,000 bitcoins purchased at an average price of $34,000.
