Chief economist and Bitcoin skeptic, Peter Schiff, has expressed concerns regarding the future of Bitcoin, issuing a somber prediction about the cryptocurrency’s trajectory. Schiff has cautioned investors about the potential repercussions if BTC were to fall below critical resistance levels.
Bleak Forecast for Bitcoin by Economist
In a recent post on X (formerly Twitter), Schiff shared a Bitcoin price chart relative to the United States Dollar (USD), highlighting Bitcoin’s value at around \(63,814 at the time of the post, with crucial support levels situated near \)60,000. The economist argued that the current position of Bitcoin’s price was unfavorable for long-term holders.
Emphasizing the importance of Bitcoin maintaining a position above $60,000, Schiff advised investors to proceed with caution and closely monitor whether the cryptocurrency can sustain these support levels. He also predicted an inevitable substantial price decline if Bitcoin fails to uphold these critical levels of support.
While Schiff’s projections align with his typical skepticism towards Bitcoin, his warnings emerge amidst heightened uncertainty and volatility surrounding the cryptocurrency’s price.
Currently, Bitcoin is trading at around \(63,909, marking a significant decrease from its previous peak of over \)73,000 prior to the halving event. Data sourced from CoinMarketCap reveals a series of downturns, with Bitcoin experiencing a 3.75% dip in the last 24 hours and a 4.38% decrease over the past month.
These trends underscore the uncertain price status of the pioneering cryptocurrency, indicating potential further declines unless Bitcoin promptly rectifies its price trajectory.
Schiff noted that while experienced Bitcoin holders are familiar with substantial price swings and volatile periods, newcomers entering the Spot Bitcoin Exchange Traded Fund (ETF) market should prepare for a “rude awakening.”
Crypto Analyst Foresees Potential Upswing for BTC
On Monday, April 22, distinguished crypto analyst Ali Martinez offered insights into Bitcoin’s prospective price movements in an X post. Martinez observed a steady uptrend in Bitcoin’s price, targeting new highs around $66,000.
The crypto analyst forecasted that if Bitcoin successfully surpasses critical support levels at \(66,000, the subsequent significant resistance zone for the cryptocurrency would range between \)69,900 and \(71,200. Despite this positive outlook, Martinez alerted investors to a potential retracement, underscoring the importance of vigilance and diligent monitoring of Bitcoin’s price in case it drops below \)65,500.
With Bitcoin’s current valuation at $63,909, it has notably slipped beneath Martinez’s highlighted crucial support threshold. This ongoing price descent could be attributed to recent indications suggesting that Bitcoin’s accumulation score has dwindled to zero, indicating that whales may be shifting away from the flagship cryptocurrency or abstaining from accumulating Bitcoin at its current price level.
BTC price falls toward $63,000 | Source: BTCUSD on Tradingview.com
Featured image from AMBCrypto, chart from Tradingview.com
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