Recently, American stockbroker Peter Schiff has criticized Bitcoin once again. He predicts that Bitcoin’s psychologically significant support level of $60,000 won’t withstand the pressure.
Peter Schiff Pitches Gold Above BTC
A Bitcoin skeptic kicked off his article by hypothesizing that gold’s decline has ended. The precious metal is presently priced around $2,300, but for Schiff, this figure feels like its former $2,000. He identifies a resistance point for gold at $2,400, which he doubts will last long. Schiff contrasted the perspective on gold with Bitcoin.
The stockbroker holds a different perspective from his firm belief; while he thinks the decline in gold may have ended, he anticipates an initial drop for Bitcoin.
Currently, Bitcoin is priced at $64,683 while experiencing a 2.77% decrease over the past 24 hours. According to Schiff’s perspective, this price indicates potential support around $60,000. However, he doesn’t anticipate the coin maintaining this level for an extended period.
A week after the critique warning of a possible drop below $60,000 leading to around $20,000, a fresh prediction emerges.
Opposing Views on Bitcoin Price
Despite Peter Schiff’s persistent bearish outlook on Bitcoin, it’s important to mention that the cryptocurrency exhibits a blend of optimistic and pessimistic views at present.
Crypto expert Ali Martinez has raised a red flag for Bitcoin investors based on his analysis of current price trends. Specifically, he predicts that Bitcoin’s price could drop below the $65,500 mark, which could result in a significant decline for the cryptocurrency.
At the same time, experienced analyst Willy Woo presented an opposing viewpoint to Martinez’s bearish stance on Bitcoin. He pointed out the significant decrease in Bitcoin’s inflation rate, which is now lower than that of gold. Consequently, Woo believes that Bitcoin’s market value could surpass gold’s due to this potential price advantage.
Woo’s view is reflected in the forecast given by certain Glassnode co-founders. These experts mentioned the potential rise to $72,000 and identified the 50-day Exponential Moving Average (EMA) at $62,000 as a significant support level. As a result, they recommended a tactic for investors to consider buying when Bitcoin’s price temporarily drops as profitable opportunities.
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2024-04-24 20:22