News
Peter Schiff Names Next ‘Critical’ Support for Bitcoin (BTC) by U.Today
U.Today – Famed gold bear Peter Schiff has said he believes the trend in Bitcoin could intensify, pointing out a critical support level that Bitcoin investors should make sure not to overlook. If it breaks, his chart suggests the digital gold could lose up to 60% of its value.
At the moment, the price of Bitcoin is slightly below the 200 EMA. This level has always been a reliable fallback for a long-term trend, which makes it significant. A break below this level could signal a more serious bearish trend and significant price declines. The bearish outlook has been strengthened by resistance at the 50 EMA, which is located at $63,634, and the 100 EMA, which is located at $63,315.
While the overall trend remains weak, the RSI of 31 indicates that Bitcoin is approaching oversold territory, suggesting a possible short-term recovery. Peter Schiff’s analysis of Bitcoin often leans heavily toward bearish extremes despite the fact that it is based on traditional market skepticism.
If Bitcoin breaks its current support, a forecast of, say, 60% of the value could be considered alarmist. A 60% decline would suggest a drop to around $23,000, which may not be consistent with previous price patterns, although further declines are still possible. Despite these declines, Bitcoin has shown some resilience, but obviously not enough.
As a result of adoption trends and optimistic investor sentiment, Bitcoin has previously recovered from similar declines. Despite the recent declines, institutional interest in Bitcoin has not waned.
Institutions continue to support Bitcoin by investing and developing cryptocurrency-related products, demonstrating their confidence in its long-term potential. Market sentiment is subject to sudden changes. Positive news can quickly alter the narrative and drive up costs. Clearer regulations or advanced technology are two examples of this.