Bitcoin Crashes Below $7,000, Peter Schiff Calls BTC Sinking Ship

The Bitcoin price has crashed below the $7,000 mark, trading at $6,285, according to CoinMarketCap figures. Peter Schiff, the famous Bitcoin hater, has compared Bitcoin with a sinking ship in his recent tweet, stating that ‘the air continues to come out of this bubble’.

He went after those Bitcoin proponents who have stated that, despite the price collapse, Bitcoin has still outperformed the major conventional assets this year, saying that such people will always be able to find a point in the past, from which Bitcoin currently sits higher.

As #Bitcoin crashes below 7K hodlers going down with the ship can no longer take comfort in Bitcoin still being up for the year. As the air continues to come out of this bubble, the faithful will always be able to point to a past date from which the price of Bitcoin is still up.

— Peter Schiff (@PeterSchiff) March 12, 2020

Analyst Michael van de Poppe commented on the new Bitcoin price:

“So, I left Amsterdam 40 minutes ago at $7,300. Now parked in between my drive and we bounced from $5,500 to $6,500. Excuse me.”

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Trader Scott Melker tweets:

“7100-5500 in a single 30 minute candle.”

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