NEW DELHI (CoinChapter.com) — Bitcoin (BTC) critic Peter Schiff took to Twitter to forecast another warning of the world’s largest crypto being a risk asset.
While quoting a report from Standard Chartered that predicts Bitcoin price to drop to $5,000 in 2023, Schiff said that even a drop to $5,000 might not be the elusive BTC bottom.
Bitcoin has far more downside risk than 70%. After such a decline Bitcoin will still be way over-priced, so $5,000 will not even be close to the bottom.
Peter Schiff stated in a tweet.
Moreover, the Standard Chartered report predicted that the drop in Bitcoin prices would coincide with a rally for gold.
In the note titled “The financial-market surprises of 2023,” Eric Robertsen, global head of research at Standard Chartered Bank, stated that the shiny metal might potentially rally 30% to $2,250 per ounce. In addition, Robertson argued the fall of cryptos might re-build gold’s haven status.
However, other Twitter users quickly pointed out the ‘cry wolf‘ habit of the gold-loving Schiff. For example, Crypto analyst Kevin Svenson highlighted gold’s negative returns “over the last ten years” in reply to Peter Schiff’s tweet.
![Crypto analyst Kevin Svenson ridiculed Schiff's apparent inability to predict BTC's future in the long term.](https://coinchapter.com/wp-content/uploads/2022/12/image-23.png)
The analyst noted that Peter Schiff called Bitcoin a scam in 2015 when BTC was hovering around $200. Svenson, who has more than 118,000 followers on Twitter, took a dig at Schiff, noting, “Peter has had 0% accuracy in his long-term predictions.”
Bitcoin Price Action Loves Schiff’s Tweets
Meanwhile, Twitter user Nunya Bizniz highlighted that BTC prices have historically started a bull run every time Peter Schiff has written off the crypto token.
Related: Bitcoin Price Prediction: What’s In Store For BTC This December
The user, a member of the Honeybadgers DAO, matched Peter Schiff’s BTC bottoms during a downtrend. For example, Schiff noted in a 2018 tweet that Bitcoin would be too expensive, even at $750. At the time, BTC price had shed more than 81% from its then ATH of $19,891.
However, BTC price action laughed at Schiff’s joke, as the token climbed nearly 274% over the next seven months to reach $13,764 on Jun 24.
![Nunya Bizniz highlighted some of Schiff's horribly wrong BTC predictions](https://coinchapter.com/wp-content/uploads/2022/12/image-24.png)
In another tweet, Schiff called out Kevin Svenson and warned him that BTC price were due a 50% trim from the top.
The gold-loving investor soon had to eat his words, as Bitcoin investors went into overdrive to drive BTC price to its highest price of $69,000 (on Gemini), a massive 1,253% rise from $5,095. By the way, $5,095 was BTC’s low on Mar 14, 2020, when Schiff prophesized a 50% drop for BTC.
Given Bitcoin price’s history with Schiff’s comments, it seems likely that traders would enter the market anticipating a bull run.
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