American stockbroker, Peter Schiff predicts Bitcoin won’t sustain its $60,000 support level, continuing his criticism of the leading cryptocurrency.
In what has since become a trend, American stockbroker Peter Schiff criticized Bitcoin, predicting that the most valuable digital asset by market capitalization will fail to maintain its psychologically significant support level of $60,000.Â
The Bitcoin detractor began his post with the conjecture that the gold market’s decline has concluded. The conventional asset is trading just above $2,300; however, Schiff considers this to be its brand-new $2,000. He believes the $2,400 level of resistance he perceives for gold will only persist for a while. Schiff noted that Bitcoin’s outlook starkly contrasts that of gold.
Although the stockbroker is convinced that gold’s retreat is nearing its conclusion, he observes the onset of Bitcoin’s pullback.Â
As of this writing, the leading cryptocurrency was trading at $64,683, representing a 24-hour price decline of 2.77%. Schiff believes that Bitcoin has support at the present price level of $60,000. However, he anticipates the coin maintaining this level for a short period.
A week after the critic stated that a break below the $60,000 threshold could initiate a downward trajectory to approximately $20,000, this new forecast was released.
Despite Peter Schiff’s continued pessimism regarding Bitcoin, it is noteworthy that the coin is presently exhibiting a variety of sentiments.
Ali Martinez, a renowned cryptocurrency analyst, has recently detected a sell signal on the Bitcoin price chart, prompting him to advise investors to proceed with prudence. He specifically mentioned the potential for Bitcoin to fall below the $65,500 threshold, resulting in a catastrophic decline.
In the interim, an additional experienced analyst, Willy Woo, promptly refuted Martinez’s position on Bitcoin by providing a more sanguine outlook on the future direction of the BTC price. He emphasized the decline in the inflation rate of Bitcoin, which has presently fallen below that of gold. As a result, Woo believes that Bitcoin’s market capitalization can surpass that of gold.Â
Several co-founders of Glassnode have concluded similar to Woo’s. The analysts anticipated a potential increase in value to $72,000. They identified the 50-day Exponential Moving Average (EMA) at $62,000 as a crucial level of support. As a result, investors were advised to adopt a strategic stance by cashing in on brief Bitcoin price fluctuations as advantageous purchasing prospects.
