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Bitcoin BTC/USD and its crypto cousins have all fallen sharply this year, along with other risky bets such as stocks.
On Sunday, Bitcoin basher and crypto-skeptic Peter Schiff took to Twitter to offer some advice to HODLers.
The gold bull shared a chart of Bitcoin falling below a support zone around $16,845 and said the crypto apex is now much closer to its high than its low. The yellow line that was once support is now resistance, he added.
The smart move is to sell Bitcoin today, Schiff said, believing the upside potential is low and the downside risk is high.
See also: Best Cryptocurrency Exchanges
Bitcoin has lost around 64% since the start of the year, a bigger loss than the S&P 500 index, which is down a more modest 19%.
Crypto losses, however, are comparable to most major tech companies, including Meta Platforms, Inc. META and Amazon, Inc. AMZN.
When last checked, Bitcoin was trading down 0.16% at $16,821.64, according to data from Benzinga Pro.
Read more: Crypto Moves of Christmas Past: How Bitcoin, Ethereum and Dogecoin typically trade towards year end
Photo via Shutterstock.
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