This year 2022 could be the end of bitcoin

According to renowned economist and investor Peter Schiff, this year 2022 could be the end of bitcoin and the cryptocurrency could lose all its value before the end of the year. While Schiff has been known for being a skeptic towards cryptocurrencies, he confidently believes that bitcoin is on the verge of a much steeper decline this time around than those recorded in previous years.

"Here is a long-term chart of #Bitcoin. Imagine how bad this chart will look once Bitcoin beaks below $30K. A drop to $10K would seem like a lock, but there's no reason to believe that level would hold up as a permanent floor. If this double top completes, the real floor is zero!" tweeted the economist.

Here is a long-term chart of #Bitcoin. Imagine how bad this chart will look once Bitcoin beaks below $30K. A drop to $10K would seem like a lock, but there's no reason to believe that level would hold up as a permanent floor. If this double top completes, the real floor is zero! pic.twitter.com/dBfJTgb0xe

— Peter Schiff (@PeterSchiff) February 13, 2022

For Schiff, the "double top" is a clear indicator that suggests a strong downward move. The term "double top" describes a technical pattern that marks the top of the bullish rally and is considered completed when a price falls below the "neckline". From the above, it can be said that currently, the next bitcoin plunge is around $30,000.

On more than one occasion, Peter Schiff has severely criticized cryptocurrencies since, according to him, bitcoin is nothing more than a speculative bubble that will burst and leave the people who buy it empty-handed.

The economist, recognized for predicting the 2008 financial crisis that was unleashed directly due to the collapse of the real estate bubble in the United States in 2006 and which caused approximately in October 2007 the so-called subprime mortgage crisis, launched a harsh criticism of the president of El Salvador, Nayib Bukele, for "wasting" the money of millions of Salvadorans in the purchase of 150 bitcoins at an average price of about $48,670 per unit at the beginning of December 2021.

To date, bitcoin has lost more than 25% of its value after reaching an all-time high of more than $68,000 in November 2021. Analysts indicate that the cryptocurrency has begun to recover from a three-month downtrend, but may still be far from stabilizing.

All in all, the risk for large investors is still worrying, as it is uncertain what will happen with this cryptocurrency that can either make millions of people multi-millionaires or leave many in the street if prices do not rebound as everyone is expecting them to do.

And you who are a bitcoin investor, what do you think about it? Let us know your opinion in the comments box.