Bitcoin (CRYPTO: BTC) and its crypto cousins have all fallen sharply this year, along with other risky bets such as equities.
Bitcoin basher and crypto skeptic Peter Schiff on Sunday took to Twitter to offer a piece of advice to “HODLers.”
The gold bull shared a chart of Bitcoin dropping below a support area around $16,845 and said the apex crypto is now much closer to its ceiling than its floor. “The yellow line that was once support is now resistance,” he added.
The smart move is to sell Bitcoin today, Schiff said, reasoning that the upside potential is low and the downside risk is high.
My #Christmas gift to #HODLers is this #Bitcoin chart. As you can see Bitcoin is much closer to its ceiling than its floor. The yellow line that was once support is now resistance. Since the upside potential is so low and downside risk so high, the smart move is to sell today. pic.twitter.com/lPOLABGEQQ
— Peter Schiff (@PeterSchiff) December 25, 2022
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Bitcoin has lost about 64% year-to-date, a steeper loss compared to the S&P 500 Index, which is down a more modest 19%.
At last check, Bitcoin was trading down 0.16% at $16,821.64, according to Benzinga Pro data.
Photo via Shutterstock.