Bitcoin Price Drops Below Its 200-Week Moving Average, Peter Schiff Says ‘Still Time To Sell’

On Saturday (August 20), BTC-USD is trading below $22,927, which is the closely monitored 200-week moving average (200WMA).

According to data by TradingView, on crypto exchange Bitstamp, currently (as of 10:10 a.m. UTC on August 20) BTC-USD is trading around $21,158, down 2.43% in the past 24-hour period. As you can see from the five-day price chart below, the $BTC price dropped below the 200WMA around 12:20 a.m. UTC on August 19.

Here are reactions from two a few popular crypto analysts:

The fall in stock and crypto prices this week is probably due to the current “risk-off” mood that has resulted in the U.S. Dollar Index (DXY) surging to over 108 this week, which is the highest it has been since January 2002.

Earlier today, Bitcoin perma-bear Peter Schiff, who is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, was gloating over the fact that he had said on August 14 that he expected — based on his technical analysis — the $BTC price to drop below $10,000:

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