Peter Schiff, known for his strong stance on gold and criticism towards Bitcoin, has made another bold prediction about Bitcoin’s price. He believes the key support level to watch is $60,000. If Bitcoin falls below this point, it could create a “triple top” pattern which might lead to a drop in price down to $20,000. Such a decline would mean significant losses for companies like MicroStrategy that have large investments in Bitcoin.
Although Schiff’s warning of a drop to $20,000 for Bitcoin seems unusual and not aligned with recent market developments, it’s important to note that Bitcoin has experienced significant institutional backing since the approval of the first Bitcoin ETF. Considering Schiff’s past inaccuracies in predicting Bitcoin’s price movement, his perspective should be taken with a grain of salt when evaluating analyst views.
Supporting #Bitcoin requires $60,000; a dip below this point could lead to a significant triple top formation. Consequently, the Bitcoin price might drop down to around $20,000. At this price, Microsoft (MSTR) would face an unrealized loss of approximately $2.7 billion on their 214,000 Bitcoins purchased at an average cost of $34,000 each.
— Peter Schiff (@PeterSchiff) April 14, 2024
MicroStrategy has experienced losses on its Bitcoin investments when the market declines. However, the company’s approach is generally focused on the long term, with CEO Michael Saylor frequently promoting Bitcoin as a groundbreaking asset category.
Bitcoin’s price has been unstable but is still holding up relatively well, as indicated by the chart. Schiff marks $60,000 as a significant level, and there seems to be a downward trend towards it. However, the situation isn’t necessarily leading to a devastating plunge to $20,000. The 50-day and 200-day moving averages, approximately at $58,000 and $49,900 respectively, provide robust backing for the price.
If Bitcoin surpasses these moving averages, it may contradict Schiff’s pessimistic triple top prediction. A bounce back above $60,000 could reinvigorate optimistic views, while a leap beyond the recent peaks close to $67,500 would be an unmistakable indication of market recovery and a possible resurgence of bullish sentiments within the cryptocurrency sector.
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2024-04-15 12:13