Peter Schiff urges Bitcoin holders to sell BTC above $19,000 after bullish start to cryptocurrencies in 2023


  • Peter Schiff, American stock broker, recommends investors sell their BTC, in one of the most optimistic periods for the asset. 
  • Bitcoin price rises to $19,000 for the first time in two months after hits from the FTX contagion, and the DCG-Gemini tensions. 
  • BTC has climbed higher nearly every time after Schiff’s bearish predictions, fueling an ‘inverse Schiff’ narrative. 

Peter Schiff, a Gold proponent and financial commentator, has urged Bitcoin holders to sell the asset when BTC price reaches above $19,000, as it has done following the release of softer US CPI data on Thursday, January 12. 

The market commentator has been consistently bearish on Bitcoin and it is not the first time he has urged holders to sell – he said the same thing when BTC price hit $18,000. Since October 2022, most of Schiff’s predictions have actually been wrong, leading many to suggest there is an ‘inverse relationship’ or ‘negative correlation’ between Schiff’s calls and Bitcoin price’s evolution. 

Also read: Grayscale Bitcoin Trust discount shrinks first time in a year as DCG and Gemini saga unravels

Peter Schiff urges traders to sell Bitcoin 

Peter Schiff, the founder of Euro Pacific Asset Management, based in the city of Dorado, Puerto Rico, recommended to Twitter followers that BTC holders offload their holdings, when Bitcoin climbed above the $19,000 level. 

Schiff, a proponent of Gold, sees Bitcoin as a poor investment and he has been consistently bearish since October 2022. Although he was right early on, as BTC did fall in November after the FTX debacle, his  subsequent predictions of further Bitcoin price drops have not materialized, in fact the opposite could be said. As seen in the chart below, Schiff’s predictions might have an ‘inverse relationship’ with BTC price: whenever the gold proponent predicts a decline in Bitcoin,  the asset makes a bullish move within a week or less. 

BTC/USD 1D price chart

BTC/USD 1D price chart 

The “Inverse Schiff” effect is similar to CNBC Mad Money host Jim Cramer’s “Inverse Cramer.” Both media personalities are known for the inverse impact of their predictions on cryptocurrency prices. 

Bitcoin price eyes $20,000 target

Experts are bullish on Bitcoin price as the asset made a comeback above $19,000 after two months in a downtrend. BTC is currently in the overbought territory and technical expert Phoenix_Ash3s argues that Bitcoin could reclaim the $20,385 level before the rally begins to cool off. 

BTC/USDT 1D price chart

BTC/USDT 1D price chart 

As seen in the chart above, the analyst has considered Bitcoin’s September - October low of $18,626 and June 2022 low of $18,232 as key support levels for the asset. The $15,588 level is the bearish target, if BTC’s bullish thesis is invalidated and it faces correction. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

Bitcoin (BTC), the largest asset by market capitalization, has noted a decline in its active address count per data from Glassnode. A decline in active addresses is typical at a time during a surge in Bitcoin transaction fees.

More Bitcoin News

SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment

SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment

Securities and Exchange Commission (SEC) responded to Ripple’s letter that quotes the reasons for the settlement amount being unreasonable. The payment firm had proposed a fine of $10 million, as opposed to the SEC’s $2 billion. 

More Ripple News

Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million

Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million

Gemini exchange had terminated its Earn program after Genesis Global Capital did not return over $900 million in assets that it owed to the platform. New York Attorney General Letitia James’ office has recovered a total of $2.05 billion from the platform.

More Cryptocurrencies News

Here’s what you need to know about LayerZero ZRO token airdrop

Here’s what you need to know about LayerZero ZRO token airdrop

LayerZero Labs CEO Bryan Pellegrino released details of the upcoming ZRO token airdrop in a recent tweet. ZRO total supply is 1 billion of which 23.8% will be directly allocated to the community and builders. LayerZero announced June 20 as a key date, it remains unclear whether this is the airdrop or entitlement date. 

More Zro News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP