According to financial analyst Peter Schiff in his recent update on X, Bitcoin investors should cross their fingers and keep the price of Bitcoin above $60,000 to prevent major drops.
For experienced Bitcoin investors, significant price decreases are commonplace. However, those who own Bitcoin via ETFs might encounter unforeseen difficulties if the prices drop.
For #HODLers, the current situation isn’t promising. Bitcoin needs to sustain above $60K to avoid a significant drop. Veteran Bitcoin investors are accustomed to market volatility. However, newcomers investing in Bitcoin ETFs might be in for an unexpected lesson about cryptocurrency price swings.
— Peter Schiff (@PeterSchiff) April 24, 2024
“Not for long,” Shiff replied to a comment, pointing to a BTC price still at $64K.
Post-halving muddle
Following the halving, Bitcoin has been hovering between $64,000 and $66,000. As reported by IntoTheBlock, approximately 1.54 million wallets hold around 747,000 Bitcoins at this price point, making it a potential support level.
If it continues to be successful, the next challenge for Bitcoin’s price will be between $69,900 and $71,200. However, Bitcoin faced an obstacle at $67,220 following a string of advances and is now priced at $66,120, representing a 0.12% decrease over the past 24 hours.
“It’s a failure”
Peter Schiff, who has been vocal about his criticism towards Bitcoin and similar digital currencies for some time now, pointed out that it costs approximately $128 to process a single Bitcoin transaction.
According to Shiff, this aspect makes it unsuitable for the majority of transactions and calls into question its effectiveness as a digital currency.
“According to Schiff, the expense involved in transacting with Bitcoin is excessively high for most users, making it an unsuccessful currency option.”
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2024-04-25 13:20