-->

Bitcoin is about to drop another 50% after a flash crash of 50% that many investors and traders withdrew from the game

    On the second catastrophic day, Bitcoin hovered around the $ 5,500 area, helping traders breathe a little easier after a bloodbath in the cryptocurrency market.

    The famous Bitcoin critic and goldfish Peter Schiff has been constantly attacking the top cryptocurrency and calling it a sunken ship. He asserted that BTC is neither an unrelated asset nor a safe haven.

    Now, the CEO of Euro Pacific Capital predicts a price cut for Bitcoin.

    peter-bitcoin

    Peter Schiff – CEO of Euro Pacific Capital

    'Bitcoin is ready to lose another 50% '

    Over the past few days, Bitcoin has lost about 50% of its value. While discussing gold on his Twitter page, Peter Schiff posted a large-scale price prediction, claiming that BTC is about to lose another 50%.

    “Bitcoin is ready to drop another 50%.”

    As for gold, Schiff claimed that this was also the worst moment since 2011.

    "Gold has had its worst week since falling from an all-time high in September 2011. That was the week the Fed persuaded markets to normalize interest rates and evade pass balance sheet back to pre-crisis level. This is the week the Fed proves that it can't do it both of the above".

    'Buy Bitcoin for $ 5,000 very attractive'

    In contrast to Peter Schiff, trader Luke Martin thinks that now is a good opportunity to buy more BTC. However, he does not offer any financial advice in this way.

    "An investment with a duration longer than 1 year, I think buying Bitcoin for $ 5,000 is extremely attractive.

    Even so, I will never give you financial advice … "

    As for Bitcoin price, Martin thinks that the price could drop statistically in the future.

    "Before this be understood wrong skewI did not try guess bottom! We could (and statistically) go lower at some point in the future. That is why it is so important to decide the times point make any investments ".

    Community opinion

    Loomer created a conversation on Twitter for everyone to comment on. While BTC is still recovering record losses yesterday, it is probably time to review and evaluate the industry and the market.

    "How the hell do we convince anyone to buy / trade Bitcoin again?

    NIt actually dropped 50% in one day. "

    The tweet responses were mostly jokes to ease the situation despite the fact that it was quite serious.

    “We told them” it can move 50% in one day “

    Boom!"

    “This is just a prank.”

    Others point out that there is a profit made in the recent dip. In fact, Bitcoin has dipped below $ 4,000 and is currently trading for around $ 5,404. However, based on that recovery is difficult and it is a bad way to convince anyone who wants to trade cryptocurrency. At that time, it was comparable to gambling versus fair dealing.

    "You can show them that BTC still can increase 3,000% after 50% discount. But I understand what you are saying. "

    Conclude

    It's hard to create a use case for cryptocurrencies as it can wipe out almost all value in just 24 hours. People might say this is a once-in-a-lifetime event, but the stock market often has circuit breakers. In contrast, the cryptocurrency market runs 24/7 and has no brakes. This means it can crash and disrupt accumulated profits for months in just a few hours.

    Since then, some have called for circuit breakers to be set up on exchanges. However, it is hard to imagine how it will be executed. Even so, it is an idea worth considering.

    "Today's price dynamics in world Cryptocurrencies are one reason strong to set up industry-wide circuit breaker. Cryptocurrency markets have broken down and top exchanges need to work together to stop them again".

    The stock market is now officially located in bear territory yesterday and a major recession appears in the minds of most people. There is no sign that this will slow down with the ongoing oil price war and the Corona virus is still spreading rapidly. If you feel especially brave, catch a falling knife.

    You can see the price of BTC here.

    Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

    Minh Anh

    Bitcoin Magazine

    Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page

    Crypto loans are only from 5.9% annual interest rate – you can use the money effectively without selling coins. Earn up to 8% interest per year with stablecoin, USD, EUR & GBP with insurance up to 100 million. Come on, get started now! →

    No comments