Bitcoin at $20,000. Ethereum will fall to 1000 USD


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Bitcoin at $20,000.  Ethereum will drop to $1,000, says analyst Peter Schiff
Peter Schiff

One of the most famous critics of Bitcoin and the entire cryptocurrency market, an advocate for gold and traditional investment methods, economist and fund manager Peter Schiff has presented his new predictions for Bitcoin and Ethereum, predicting a huge drop in their value and warning against the temptation to buy holes.

  • Bitcoin has completed its correction and resumed its steep decline, testing the $22,650 barrier today
  • Analyst believes this is not the end of the sell-off, which will continue until central banks bring rising inflation under control
  • Could Ehtereum really test the psychological barrier of $1,000 by returning to January 2021 quotes?
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Cryptocurrencies play a grim scenario

Schiff’s current forecast is based on observing the current sell-off in the cryptocurrency market, during which Bitcoin fell below $27,500 and exited the consolidation channel it has been in since its inception. may.

The economist claims that the stock market crash was caused by unexpected inflation data (mainly in the United States), which exceeded the expectations of traditional markets and cryptocurrencies. Since Bitcoin and other cryptocurrencies are considered extremely risky assets that track tech company quotes, the market had no choice but to funnel capital into safer alternatives, leaving assets numbers in the grip of the bear.

Even before the weekend, Schniff suggested that BTC might be sleeping around 20k. USD and Ethereum will reach a price range near $1,000. usd. He also warned against the decline in the sector’s market capitalization and the temptation to buy lows, which could deepen in the coming weeks.

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The expert has been saying for years that the real hedge against inflation is gold which, despite the declines, remains at the level of 1,830 USD per ounce.

Ether continues to decline

Even if the situation on Bitcoin is not interesting, Ethereum is really sinking and is already at almost 75% of the November 2021 peak, falling in just 3 days from around 1,780 USD to 1,215 USD. This is ETH’s worst record in 18 months.

ETH/USDT daily quotes as of June 13, 2022 Source: Kucoin
ETH/USDT daily quotes as of June 13, 2022 Source: Kucoin

Most oscillators and moving averages send signals to sell, but at this stage it is not technical analysis and traders’ emotions that play the main role.

The market fears that with further monetary policy tightening, the largest economies will face a recession, and thus a significant deterioration in market sentiment, which will lead to a further outflow of capital from the crypto markets.

Along with the serious problems of platforms like StETH and ETH Celcius, the cryptocurrency lending and credit market has been challenged, and if ETH falls below $1,150, it will trigger a massive cascade of liquidation positions, leading to even more drama.

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