I love Schiff’s deep thinking: if 35 then 34, if 34 then 33, if 33 then 32… if x then doom. Well yeah, it can’t hit 10k without tagging all those levels along the way and he’s not offering up any rationale for what might take it there. At this stage he’s just another “I think ya ya ya” guy preaching to his own choirs. Both sides of this argument could use a lot more robust analysis:
– how much of the sell off is just short term exchange rate protection (locking in to your home fiat to prevent loss of net worth), and at what level does it come back into the market.
– personal debt is going up, personal savings are going down (thanks inflation). How much of that is impacting the BTC holdings of smaller investors (who are selling to buy food and pay bills), what impact does it have on price and will those investors be able to return to the market and when.
I’d rather see stuff like that then the constant “Moon and Doom” that tweeter is so famous for. But anyway, if it goes to 34k it could go to 30k. After that who knows.