Peter Schiff, popular critic of Bitcoin The staunch gold defender has delved into the controversy surrounding BTC's valuation, forecasting potential downward pressure in the near future and setting his target at the $54,000 price level.
Bitcoin continues to face negative pressure
Earlier today, Schiff identified a negative pattern on the Bitcoin chart, indicating that the price of the cryptocurrency is likely to decline. He claims that a recent examination of Bitcoin's short-term chart shows a shift in market attitudes.
Chef note It was conducted amid a backdrop of high volatility and erratic sentiment, as Bitcoin has been moving in a downward trend over the past few days. The recent revelation by an economist about Bitcoin's negative short-term target has received a lot of attention from the cryptocurrency community.
According to him, the pivot level of $60,000, which was noted as a support level on the short-term BTC chart, has turned into a resistance level. As a result, Schiff suggests a negative trend change due to the appearance of a short-term head and shoulders pattern on the Bitcoin chart.
With a neckline below $57,000Schiff noted that the head is about $60,000, while the shoulder is about $58,500. Hence, he set his downside target for Bitcoin at $54,000 in the short term.
Schiff also expressed concerns about the lack of discussion about the largest cryptocurrency assets from US business news channel CNBC, after a decline in… Bitcoin exchange-traded funds (ETFs) In the last few days.
Over the past two days, BTC Spot ETFs have fallen more than 10%, closing about 23% below their market high, but so far the news channel has not talked about the products or BTC in the time frame. Meanwhile, if spot BTC ETFs increase by 10%, the digital asset will be covered throughout the day.
Peter Schiff BTC has been constantly attacked over time. Earlier this month, the economist announced that buyers of BTC Spot ETFs would soon start pulling out as market volatility overwhelmed them.
Given that the coin's long-term bear market is starting to gather steam again, Schiff claims that all new investors in the funds will ride along with the wave, reinforcing his confidence that these investors will bail out soon.
BTC in a bear market, the party is over
As the market continues to be volatile, gold is on the defensive directed The current state of BTC, with the digital asset indicating that it is in a bear market, despite all the excitement surrounding spot ETFs.
“Lights out, HODLers, the party's over,” he said, feigningly Bitcoin It is currently worth less than 25 ounces, up 33% compared to gold, and down 23% in US dollars.
Featured image from iStock, chart from Tradingview.com