Chief Economist and bitcoin Critic, bitcoin-hater-peter-schiff-scoffs-at-rally/” rel=”nofollow”>Peter Schiff has issued a gloomy prediction regarding the world's largest cryptocurrency, bitcoin. The financial expert has warned investors of the possible repercussions that btc falls below critical resistance levels.
Economist predicts bitcoin price drop
In a recent post from x (formerly twitter), Schiff x.com/peterschiff/status/1783271696138481828?s=46″ rel=”nofollow”>shared a bitcoin price chart against the US Dollar (USD), noting the press time price of bitcoin at $63,814, along with the key support levels around $60,000. The economist has argued that the current bitcoin price position was not conducive to bitcoin-miner-hodler-selling-pressure-drying-data/” rel=”nofollow”>HODLers.
Emphasizing the importance of btc maintaining strength above $60,000, Schiff urged investors to proceed with caution and hope that the cryptocurrency successfully maintains support levels. He also predicted that if bitcoin failed to maintain critical support levels, a substantial price drop It would be inevitable.
While Schiff's predictions may seem aligned with his usual skepticism towards bitcoin, the timing of his warnings coincides with a period of increased uncertainty and volatility surrounding the price of bitcoin.
The cryptocurrency is currently trading at $63,909, marking a notable decline from its previous all-time high of over $73,000 before the halving event. CoinMarketCap data has revealed a bitcoin-price-suffers-sharp-decline/” rel=”nofollow”>series of fallswith bitcoin experiencing a 3.75% drop in the last 24 hours and a 4.38% decline over the last month.
This underlines the bitcoin-price-below-67000/” rel=”nofollow”>uncertain price condition of pioneer cryptocurrencyhinting at the possibility of further declines unless the cryptocurrency makes a rapid 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 market bitcoin-etf-noobs-panic-selling/” rel=”nofollow”>bitcoin Spot Exchange Traded Fund (ETF) The market should be prepared for a “rude awakening.”
crypto Analyst Says There's a Possible Rise in Store for btc
On Monday, April 22, prominent crypto analyst Ali Martínez shared his thoughts on The Future Trajectory of bitcoin Price in a publication x. Martínez x.com/ali_charts/status/1782357703622324293?s=46″ rel=”nofollow”>noted that the price of bitcoin was rising steadily, aiming to secure new highs around $66,000.
crypto analyst predicts that if bitcoin can successfully achieve this break through 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, Martínez has also x.com/ali_charts/status/1783011223304376355?s=46″ rel=”nofollow”>warned investors about a possible pullback, emphasizing the importance of acting cautiously and closely monitoring the price of bitcoin if it falls below $65,500.
With bitcoin's current price of $63,909, it has fallen noticeably below the key support level highlighted by Martinez. This continued price decline could be attributed to recent trends. x.com/ali_charts/status/1782811923664277687?s=46″ rel=”nofollow”>indicating that bitcoin accumulation the score has dropped to zero. This suggests that whales may be moving away of the pioneer cryptocurrency or refrain from accumulating bitcoin at the current price level.
x/DOT5fJ6t/" alt="Tradingview.com bitcoin Price Chart" width="3286" height="1530" loading="lazy"/>btc price falls toward $63,000 | Source: BTCUSD on Tradingview.com
Featured image from AMBCrypto, chart from Tradingview.com
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