U.Today – Outspoken gold supporter and skeptic Peter Schiff has made another bold prediction about the future trajectory of Bitcoin price, highlighting $60,000 as a crucial support level. He claims that a decisive break below this threshold could establish a “triple top” pattern, paving the way for a drop to $20,000. This figure would mean significant losses for companies like MicroStrategy, which has significant investments in Bitcoin.
However, Schiff's dire forecast of a drop to $20,000 is not only strange but somewhat disconnected from current market trends and the institutional support that Bitcoin has gained following the approval of the first Bitcoin ETF. Since Schiff's track record in Bitcoin predictions has been quite inaccurate, his assessment should not be considered a standard among analysts.
In fact, MicroStrategy's Bitcoin holdings have faced unrealized losses when the market declines. However, the company's strategy is typically long-term, and its CEO, Michael Saylor, consistently advocates for Bitcoin as a revolutionary asset class.
It is clear that while Bitcoin has experienced volatility, its price remains in a relatively strong position. The chart shows a decline towards the $60,000 level that Schiff identifies as critical. However, the narrative does not necessarily point towards a catastrophic drop to $20,000. The support levels at the 50-day EMA (around $58,000) and the 200-day EMA (around $49,900) offer substantial support for the price.
If Bitcoin holds above these EMAs, it could invalidate Schiff's triple doom scenario. A recovery above $60,000 can easily revive the bullish sentiments, while an advance beyond the recent highs near $67,500 will be a clear signal about the market recovery and the possible return of bullish sentiment to the stock market. cryptocurrencies.
This article was originally published on U.Today.
