After an unexpected turn of events, Bitcoin has sunk below the $8.5k key resistance level and is now priced at $8,345 following a 14.07 percent loss over the past 24 hours.

The goldbug Peter Schiff sent a tweet in the late hours of yesterday slating bitcoin for losing so much of its value. The leading cryptocurrency fell from $9,700 to a low of $7,990 in hours, before recovering back up above the $8k mark at the time of writing. 

Even though the correction occurred, the recovery was not enough for Schiff who claimed the shedding of $1.8k was just the beginning.

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One enthusiast responded to Schiff’s above tweet saying that it was very bullish to call a $4k support as he responded:

“My guess is that it will bounce from that level as diehards by the dip.  But long-term that level will not hold, and Bitcoin is headed much lower.”

The initial tweet didn’t bode well with some people in the space though as Anthony Pompliano from the banking giant, Morgan Creek said:

“😂😂😂 stick to the jewelry, Pete!”

But all in all, enthusiasts will most likely be used to Schiff’s shenanigansby now.

It will be interesting to see how the bitcoin price plays out. Given its significant drop this past day, who knows where it will end up, all we can hope for is that Schiff isn’t proved right…

For more news on this and other crypto updates, keep it with CryptoDaily!





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