- 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
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
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.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?