Bitcoin Slumps to $35,600; Peter Schiff Expects Flash Crash Once BTC Breaks Below $30,000

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Peter Schiff believes BTC will face a flash crash once it breaks under the $30,000 level

Vocal Bitcoin hater, chief executive of Euro Pacific Capital Peter Schiff, has taken to Twitter to comment on the continuing Bitcoin decline which has by now led the flagship cryptocurrency to the $35,600 zone – the level last seen at the end of July 2021.

He expects Bitcoin to break below $30,000 soon.

“Flash crash may start once $30,000 line is crossed”

In a recent tweet, the prominent gold investor and Bitcoin critic stated that the leading crypto has been dropping in a pretty calm manner so far. However, once BTC breaks below $30,000, a flash crash is likely, Schiff reckons.

Earlier, he tweeted that after Bitcoin starts falling below $30,000, the rapid decline is likely to lead the price down to $10,000.

Microstrategy down 32% year-to-date; GBTC, ARKK plunge 55%

Peter Schiff also gloated over the losses suffered by the share price of MicroStrategy (MSTR), Grayscale Bitcoin Trust (GBTC) and Cathie Wood’s Ark Invest (ARKK) that also offers its client an exposure to BTC.

He cited the statistics that MSTR is down over 31 percent year-to-date, losing all of its 40 percent rise achieved last year. Besides, it is 71.4 percent under its high reached in February 2021. Schiff reminded his followers that although Michael Saylor’s (head of the company) bet on Bitcoin did bring MicroStrategy a 150 percent gain during Jan and Feb 2021, since that time this has turned into a 3.25 percent loss.

Today, MSTR dropped 14 percent.

GBTC and ARKK have both slumped 55 percent from their recent highs.

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Image via Twitter

On January 21, Bitcoin broke below the $40,000 level, then followed a drop to $38,000. At the time of writing, the flagship cryptocurrency is sitting at $35,686.

El Salvador buys another Bitcoin dip

According to the tweet of Chinese crypto journalist and blogger Colin Wu, President of El Salvador, Nayib Bukele, has bought 410 Bitcoins worth $15,000,000 on the current dip at an average price of $36,500 per coin.

Prior to that, the president announced a purchase of 21 Bitcoin on December 22 worth $1 million, when the leading digital currency was close to hitting $50,000.

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