25 April 2024
Chief economist and Bitcoin critic, Peter Schiff has issued a somber prediction regarding the world’s largest cryptocurrency, Bitcoin. The financial expert has cautioned investors of the potential repercussions should BTC drop below critical resistance levels.
Economist Predicts Bitcoin Price Decline
In a recent X (formerly Twitter) post, Schiff shared a price chart of Bitcoin against the United States Dollar (USD), pinpointing Bitcoin’s price at the time of the post at $63,814, alongside key support levels around $60,000. The economist has argued that Bitcoin’s current price position was not conducive for HODLers.
Emphasizing the importance of BTC maintaining a stronghold above $60,000, Schiff urged investors to proceed with caution and hope that the cryptocurrency successfully sustains support levels. He also predicted that if Bitcoin failed to hold critical support levels, a substantial price decline would be inevitable.
While Schiff’s predictions may appear to align with his usual skepticism towards Bitcoin, the timing of his warnings coincides with a period of heightened uncertainty and volatility surrounding Bitcoin’s price.
The cryptocurrency is currently trading at $63,909, marking a notable decrease from its previous all-time high of over $73,000 before the halving event. Data from CoinMarketCap has revealed a series of declines, with Bitcoin experiencing a 3.75% drop in the last 24 hours and a 4.38% decrease over the past month.
This underscores the uncertain price condition of the pioneer cryptocurrency, hinting at the possibility of further declines unless the cryptocurrency makes a quick price correction.
Schiff has stated that while experienced Bitcoin holders are accustomed to large price drops and periods of volatility, new investors who have recently entered the Spot Bitcoin Exchange Traded Fund (ETF) market should be prepared for a “rude awakening.”
Crypto Analyst Says Potential Upsurge In Store For BTC
On Monday, April 22, prominent crypto analyst, Ali Martinez shared insights on Bitcoin’s future price trajectory in an X post. Martinez noted that the price of Bitcoin was steadily rising, aiming to secure new highs around $66,000.
The crypto analyst predicts that if Bitcoin can successfully break past key support levels at $66,000, the cryptocurrency’s next critical resistance level would be between $69,900 and $71,200. Despite this optimistic forecast, Martinez has also warned investors about a potential pullback, emphasizing the importance of exercising caution and closely monitoring Bitcoin’s price if it falls below $65,500.
With Bitcoin currently priced at $63,909, it has fallen notably below the key support level highlighted by Martinez. This continuous price decrease could be attributed to recent trends indicating that Bitcoin’s accumulation score has dropped to zero. This suggests that whales may be moving away from the pioneer cryptocurrency or refraining from accumulating Bitcoin at its present price level.