Euro Pacific Capital CEO and SchiffGold founder, Peter Schiff, took to Twitter to comment on the 25% drop in PayPal stock price. He believes this could be negative for Bitcoin price.
Vocal BTC critic explains why plunge in PayPal share price may be negative for Bitcoin price
The share price of American payment giant PayPal demonstrated a massive 25% drop on Jan. 2. The founder of SchiffGold, who often tweets anti-Bitcoin, commented that this price drop could be negative for the leading cryptocurrency.
He tweeted that because PayPal is deep in the cryptosystem and already uses Bitcoin, along with 3 other top cryptocurrencies (Bitcoin Cash, Litecoin, and Ethereum). PayPal is one of the top choices for investors looking to put their money in established stocks that have a high chance of appreciation alongside cryptocurrencies.
But right now, Bitcoin and other cryptocurrencies are on a strong downtrend, with BTC trading at $37,000 and Ethereum changing hands at $2,672 as of press time.
It bodes ill for #Bitcoin that shares of $PYPL have plunged 25% so far today. #PayPal is deep in the #crypto ecosystem and one of the top picks among institutional investors looking for established stocks that are poised to ride the crypto wave. It looks like that wave has crash!
— Peter Schiff (@PeterSchiff) February 2, 2022
About two weeks ago, Schiff tweeted that Bitcoin might soon drop below $30,000. Once it happens, he said, BTC will see a quick crash below $10,000.
Here is a key sign to watch for a breakout in Bitcoin
Santiment suggested an important sign to watch for a breakout in Bitcoin price in one of their latest tweets. Bitcoin and the broader crypto market have faced selling pressure before, with BTC price hitting as low as $36,634 on Feb. 3.
Over the last week, Bitcoin has been steadily rising as it recovered from the low of $32,933 reached on Jan. 24. Trader sentiment quickly turned positive as bullish calls mounted. Santiment records a spike in positive/negative sentiment as calls on crypto social platforms have their second positive week in three months.
“The ratio of positive vs. negative comments about Bitcoin across crypto social platforms had its second most positive week in three months. And like the last time, crypto markets have dropped. Look for crowd fear & impatience as the breakout sign”, Santiment stated.
Source: Santiment
However, Bitcoin’s journey above $39,000 was short-lived, following a price rejection. Santiment believes that traders’ sentiment turned positive quite soon, leading to the market’s decline. The negative correlation between sentiment and price remains as the on-chain analytics platform notes that Crowd Fear and Impatience could be a major breakout sign for Bitcoin price.
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