Renowned economist and equally well-known cryptocurrency critic Peter Schiff has commented on his poor predictions for Bitcoin. He stated that what could be worse than giving advice to sell BTC ahead of its 30% rally would only be to participate in that very rally and then crash to levels even lower.
Schiff’s comment refers to the events of recent weeks, when after his extremely bearish forecasts and calls to sell Bitcoin, it rose 37.2% in value. However, readers reminded the economist that he said the same thing in late 2018, when BTC was trading at less than $4,000 per coin.
I probably won’t tell them anything at Bitcoin $100K as it’s unlikely Bitcoin will ever trade that high.
— Peter Schiff (@PeterSchiff) January 24, 2023
However, when talking about Bitcoin at $100,000, Peter Schiff seems to have softened his stance. Whereas the economist previously argued that this was impossible, his opinion on the matter now contains the wording “unlikely.” It is likely that Schiff has not fundamentally changed his position, but his view of the strength of the market and its participants has certainly wavered.
Bitcoin (BTC) price action
While the “old man shouts at Bitcoin,” it in turn continues to test the resistance at the $23,100 level. Crypto enthusiasts are watching the price action in the area closely, divided into two camps, with some expecting a correction and others a breakout and entry into a new price range.