Peter Schiff’s Doomsday Prediction For Bitcoin
Back in March, known Bitcoin opposer Peter Schiff asserted what he thought was the problem with Bitcoin ETFs. According to the economist, the problem with owning these investment products was that liquidity was limited to US market hours, which would mean that investors could not sell if the market crashed overnight.
As I warned if starts selling off tonight, owners can do nothing but watch and wait until the NYSE opens tomorrow morning. In the meantime it will be a long night hoping that Bitcoin doesn't crash before they have a chance to sell. — Peter Schiff (@PeterSchiff)
On Sunday afternoon, Schiff claimed that, as he previously warned, Bitcoin ETF owners would be helpless if the flagship cryptocurrency started selling off that night. BTC traded around $63,460 at the time of his post and recovered in the following hour to trade above the $65,000 support level.
Earlier that day, Schiff had of a critical support zone for BTC. To the economist, breaking below $60,000 could “create a formidable triple top.” This trend reversal could lead to an “immediate downside projection” of $20,000. Following his dooming scenario, Schiff stated that, at that price, MicroStrategy would “have a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K.” Additionally, he that BTC’s price could increase “before it crashes.”Analysts Unfazed By BTC’s Correction
Several analysts concurred that the correction was a “minor drop” in the macro picture. According to MacroCRG, Bitcoin’s chart “looks incredible.” The analyst : “They threw a full-on war at her and all it managed to do was wick the range low.” Similarly, trader and analyst Rekt Capital considers that BTC “successfully protected the Range Low of its Re-Accumulation Range as the week of the Bitcoin Halving begins.” Per the analyst’s chart, Bitcoin is at the “Last Pre-Halving Retrace” during the “Pre-Halving Rally.” If history is to repeat itself, after April 19, BTC will enter the “Re-Accumulation” phase before experiencing the “Post-Halving Parabolic Upside.”
Bitcoin phases during the "Halving" event. Source:
Moreover, Crypto Jelle investors to “not get shaken out” as BTC is “consolidating above the previous cycle highs.” The analyst and investor reaffirmed his prediction of $82,000 after the upcoming “Halving” event.
However, Jelle also a higher target for this bull cycle. The bullish megaphone pattern on BTC’s chart “still has a pattern of $180,000” despite the recent correction, as stated in the post. The analyst claims he wouldn’t be surprised “if the meme pattern plays out once again.” The correction caused BTC to register bleeding numbers for several periods. The biggest cryptocurrency exhibits an 8.4% and a 3.1% dip in the weekly and monthly timeframes. Similarly, BTC’s market activity has decreased by 32.1% in the past day, with a trading daily volume of $42.56 billion. Nonetheless, Bitcoin has recovered 3.5% from its price 24 hours ago, currently trading at $66,275. Since the lowest point of this correction, BTC has surged 10.3%.
Bitcoin's performance on the three-day chart. Source. BTCUSDT on