Bitcoin BTC/USD 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
See also: Best Cryptocurrency Exchanges
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%.
The crypto’s losses, however, are comparable with most big techs, including Meta Platforms, Inc. META and Amazon, Inc. AMZN.
At last check, Bitcoin was trading down 0.16% at $16,821.64, according to Benzinga Pro data.
Read next: Crypto Moves Of Christmas Past: How Bitcoin, Ethereum And Dogecoin Usually Trade Near Year-End
Photo via Shutterstock.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Get ready to uncover the secrets of decentralized finance and security in the crypto market with Crypto Unlocked , Benzinga's new virtual crypto event series. Don't miss out on this opportunity to learn from the experts and connect with fellow crypto enthusiasts — subscribe and turn on notifications for Crypto Unlocked on YouTube today !