As Ethereum (ETH) and other major cryptocurrency signals started turning green, there was a brief surge in the crypto market. Bitcoin (BTC) has gained significantly, yet it is well behind the all-time high of $69,000 set in November 2021.
Relief is visible in the cryptocurrency market, as the broader crypto market cap has recovered 4.96% after falling below $900 billion in the past 24 hours.
Peter Schiff, one of the famous bitcoin opponents and SchiffGold wealth management founder, announced on Twitter that he had made a more accurate forecast of cryptocurrency values.
Just last week, he emphasized how he correctly predicted the price of Ethereum. He believes that he almost accurately predicted the level of decline in Bitcoin and Ether.
Bitcoin and Ethereum price to the bottom at this level
Schiff recently tweeted that Bitcoin and Ethereum have reached prices he previously predicted for both. That is, $20,000 for BTC and $1,000 for ETH.
Schiff conceded that this was not actually a direct strike as Bitcoin was trading below the $80 level predicted by the $20,000 level and Ethereum was below the $1,000 level at $20 from his predictions.
He had made his prediction just five days back on June 11. Now, Peter Schiff thinks that perhaps the bottoms of these two major cryptocurrencies are yet to be reached. He added that the two coins will see a real downside once they reach the $20,000 and $1,000 marks.
Schiff Predicts Bitcoin Price Below $5,000
On June 15, Schiff had a tweet that contained a graphic saying that bitcoin is testing long-term support for as low as $5,000.
The message was sent after the leading cryptocurrency fell below the $21,000 mark and was dangerously close to the $20,000 range.
Schiff predicted on Twitter in early 2022 that bitcoin would drop below $10,000 after falling below $30,000. If that happens, BTC will drop below $20,000, and then it will have “a long way to go.”