Bitcoin Still Very Bearish, Says Peter Schiff


Share post:

Bitcoin may be aiming for another retest of a crucial price level that prevents the digital gold from entering another bear cycle, which appears to be the next logical objective given that the first cryptocurrency was unable to break through $25,000, according to the cryptocurrency’s daily chart.

Bitcoin May Fall If It Goes Below This Level

After falling below $20,000 in June, Bitcoin has been trading in a rising wedge for more than a month. Since then, the value of the king cryptocurrency has increased by over 25%, with occasional jumps to a 30% price increase.

BTC/USD trades at $24k. Source: TradingView

Sadly, one pattern—the decreasing volume profile—kept the market as a whole cautious and signaled that traders and investors are not supporting the current direction.

When the market once again experiences intense selling pressure, it can eventually finish with downward volatility. A dip below the wedge’s lower border at roughly $23,400 would mark the precise start of the reversal. Fortunately, the threshold coincides with the crucial 50-day moving average support level, which frequently serves as a guideline for trending assets.

Peter Schiff Says Bitcoin May Go Below $10k

The economist and ardent opponent of Bitcoin, Peter Schiff, has reaffirmed his gloomy outlook for the price of Bitcoin (BTC/USD), speculating that the benchmark cryptocurrency may go below $10,000.

Putting Bitcoin’s “rally into perspective” demonstrates that bears are still firmly in control, according to Peter Schiff.

In June, Bitcoin hit a low of $17,600 as the bear market deepened and the wider cryptocurrency market experienced instability.

Bitcoin’s recent climb to highs of $25,000 and retest of support were mentioned in Schiff’s tweets on Monday, in which he reiterated his previous prediction that BTC will reach $0. However, despite the gold advocate’s dire predictions for BTC, Michael Saylor of MicroStrategy insists that “Bitcoin is hope.”

According to Saylor, the devaluation of fiat currencies amid runaway inflation in countries such as Argentina leaves BTC as the best alternative for the people. The cryptocurrency thus offers more than an investment. He tweeted:

“This week the benchmark interest rate reached 69.5% in Argentina. It has increased 1750bp in two weeks. The official inflation rate has surged to 71%. It is expected to exceed 90% by year-end. Bitcoin is more than an investment. Bitcoin is hope.”

Featured image from Shutterstock, chart from

Original Source:

Author : Anifowoshe Ibrahim

Related articles

Bitcoin árelemzés 2023. március 24-én

Bitcoin árelemzés 2023. március 24-én, Bitcoin2021 novembere óta az első legnagyobb kriptovaluta a piaci kapitalizáció alapján. A Bitcoin...

2023 年 3 月 24 日のビットコイン価格分析

2023 年 3 月 24 日のビットコイン価格分析、 ビットコインは、時価総額に基づく最初の最大の暗号通貨であり、2021 年 11 月以降、下降傾向にあります。 コインコーデックス. 今週の 5 日目は、毎週の平均足ローソク足に基づいて、買い手が価格を支配しようとしているようです。 週間 MACD はわずかにプラスに転じます。 毎週の...

การวิเคราะห์ราคา Bitcoin สำหรับวันที่ 24 มีนาคม 2023

การวิเคราะห์ราคา Bitcoin สำหรับวันที่ 24 มีนาคม 2023 บิทคอยน์ซึ่งเป็นสกุลเงินดิจิตอลที่ใหญ่ที่สุดตัวแรกตามมูลค่าตลาด อยู่ในช่วงขาลงตั้งแต่เดือนพฤศจิกายน 2021 คุณสามารถอ่านเพิ่มเติมเกี่ยวกับราคา Bitcoin ได้จาก CoinCodex. ในวันที่ห้าของสัปดาห์นี้ ดูเหมือนว่าผู้ซื้อพยายามที่จะครองราคาโดยอิงจาก Heikin Ashi...

تحليل أسعار البيتكوين ليوم 24 مارس 2023

تحليل أسعار البيتكوين ليوم 24 مارس 2023 ، بيتكوين، وهي أول عملة مشفرة تعتمد على القيمة السوقية ،...