The king of Cryptocurrency, Bitcoin (BTC) is facing a continuous downfall since the beginning of the year. BTC is trading at an average price of $32,897, at the press time. Bitcoin is down by over 22% in the last 30 days. Amid this crackdown, Peter Schiff, CEO of Euro Pacific Capital, has suggested that BTC can slide towards the 10K price mark.
Schiff sees extended losses if BTC falls below $30K
Schiff is known as a big time Bitcoin opposer. In a recent attack, he mentioned that the BTC’s price drop understates the weakness of the digital asset. He stated that if Bitcoin slumps under the 30K price mark then it can be a difficult time for it.
In a Twitter poll, Schiff asked his followers what will they do if BTC crashes below $10K. He asserted that Bitcoiner has to make a very important decision now. Meanwhile, he left out the “buy the dip” option.
If $30K fails it’s lights out!
-Schiff on Twitter
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However, the poll didn’t work out according to his sentiments. Over 36k accounts voted in the poll till now. The 74% of the voting turnout supported that BTC will hold the fort and they will HODL BTC. On the other hand, nearly 26% of the voters said that they’ll sell their Bitcoin and maybe buy it later.
Over $145 million positions liquidated
Schiff suggested that the recent drop in Bitcoin’s price is a major indicator of the weakness of the other risk assets. The stock Market future was also down by 1%. According to Coinglass, over $422 million was liquidated from the Crypto market in the last 24 hours. It is important to note that more than $145 million was moved out from Bitcoin only.
The Cryptocurrency market is trading under an immense amount of pressure as it remains highly correlated with the current economic conditions. The global crypto market is down by 4.8% in the last 24 hours. The total capitalization stands at $1.5 trillion.
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