Peter Schiff believes $60,000 Bitcoin support will not continue
Noted economist and crypto critic Peter Schiff has dealt a harsh blow to Bitcoin (BTC), stating that the leading digital asset by market cap will not be able to hold on to the psychologically important $60,000 support level.
Peter Schiff Pushed Gold Above BTC
The Bitcoin critic first began his post by speculating that gold’s pullback is over. The traditional asset is currently trading just above $2,300, but for Schiff, that value is like the new $2,000. He perceives a resistance level for gold at $2,400 and believes this level will not remain for long. Schiff noted that Bitcoin contrasts with the outlook of gold.
The trader, who strongly believes that gold’s pullback will likely end, sees the beginning of BTC’s pullback.
At the time of writing, the top cryptocurrency was trading at $64,469.39, with a price decline of 0.77% in 24 hours. This current price level shows that Bitcoin has support at the $60,000 level but moreover, it does not seem like the coin will maintain this level for long.
This new prediction comes about a week after the critic noted that a break below the $60,000 level could lead to a decline towards around 20,000.
Opposing Views on Bitcoin Price
Although Peter Schiff remains pessimistic about BTC, it is worth noting that the coin is currently exhibiting mixed emotions.
Popular crypto analyst Ali Martinez recently spotted a sell signal on the Bitcoin price chart, causing him to issue a cautionary warning to investors. He precisely pointed out that BTC could fall below the $65,500 level; This was a move that would mean a major collapse for the cryptocurrency.
Meanwhile, another veteran analyst, Willy Woo, was quick to counter Martinez’s Bitcoin stance, offering a more optimistic perspective on the BTC price trajectory. He pointed out the decrease in the inflation rate of Bitcoin, which has now fallen below gold. Therefore, Woo perceives the potential for Bitcoin to outperform its market cap.
Woo’s stance is also reflected in the prediction made by some of Glassnode’s co-founders. These analysts noted a possible rise to $72,000 and emphasized that the 50-day Exponential Moving Average (EMA) is the key support level at $62,000. As a result, investors are recommended a strategic approach to use short-term declines in BTC price to buy valuable opportunities.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
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