Peter Schiff, Head of Euro Pacific Capital, updated his Bitcoin price dip forecast and offered advice to investors.

how tall is a person #Bitcoin Look at this chart and don’t sell? Even if you think Bitcoin will eventually trade higher, it’s hard to imagine not testing long-term support on the bottom line first. I think he will fail the exam. Regardless, it’s better to sell now and re-buy at a lower price. pic.twitter.com/GlHa3JL9mv

— Peter Schiff (@Peter Schiff) 15 June 2022

In mid-May, a prominent critic of the first cryptocurrency and a gold supporter predicted that the digital asset would test the support level at $8,000. He justified this with the “double top” and “head and shoulders” patterns formed on the price chart.

This time, Schiff turned his attention to the long-term support level in the $5,000 region.

“Even if you think Bitcoin will eventually trade higher, it’s hard to imagine not testing long-term support first. I think he will fail the exam. In any case, it is better to sell now and buy cheaper,” the investor said on the chart.

Prior to his previous forecast, Schiff suggested that if the price sharply broke the $30,000 level, the flagship would drop below $10,000. More than 80% of the survey respondents he initiated agreed that bids would fall below the set mark.

On May 11, the Bitcoin price failed to break the $30,000 mark. After nearly a month of trading, on June 13, the cryptocurrency rate dropped below $23,000.

Recall that in early June, Arthur Hayes, co-founder of the BitMEX crypto derivatives exchange, said that Bitcoin prices have reached the end of the current cycle.

After the crash, Galaxy Digital crypto bank CEO and founder Mike Novogratz expressed his hope that the price of digital gold will approach minimum levels.