Amid Bitcoin’s 66% year-to-date loss, Peter Schiff has this Christmas advice for ‘HODLers’ – Bitcoin (BTC/USD), Amazon.com (NASDAQ:AMZN)
Bitcoin BTC/USD and its crypto cousins have it all dropped sharply this year, along with other risky bets like stocks.
Bitcoin basher and crypto skeptic Peter Schiff Sunday took to Twitter to offer advice to “HODLers.”
The gold bull shared a chart of Bitcoin falling below a support zone around $16,845 and said the crypto apex is now much closer to its high than its low. “The yellow line that was once support is now resistance,” he added.
The smart move is to sell Bitcoin today, Schiff said, believing the upside potential is low and the downside risk is high.
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Bitcoin has lost around 64% since the start of the year, a bigger loss than the S&P 500 index, which is down a more modest 19%.
The crypto’s losses, however, are comparable to most major technologies, including Meta Platforms, Inc. META and Amazon, Inc. AMZN.
When last checked, Bitcoin was trading down 0.16% at $16,821.64, according to data from Benzinga Pro.
Read next: Crypto Moves of Christmas Past: How Bitcoin, Ethereum, and Dogecoin Typically Trade Towards the End of the Year
Photo via Shutterstock.
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