Svmuu News: Economist and gold advocate Peter Schiff stated in his latest commentary that while the market generally believes it is “almost impossible” for Bitcoin to fall to $20,000, this assessment lacks a solid basis.
Schiff pointed out that Bitcoin fell below the $20,000 level about 3.5 years ago—a time not too distant in the past—and therefore the possibility of returning to that price range cannot be ruled out. Significant pullbacks in asset prices over relatively short periods are not uncommon in financial markets.He further stated that since Bitcoin is more volatile than most stocks, a pullback of a similar magnitude is “entirely reasonable” in the event of changes in the macroeconomic or liquidity environment, and the market should not underestimate the downside risk.