{"id":603349,"date":"2024-04-16T00:00:02","date_gmt":"2024-04-16T00:00:02","guid":{"rendered":"https:\/\/uniquehot.com\/?p=603349"},"modified":"2024-06-11T07:02:56","modified_gmt":"2024-06-11T07:02:56","slug":"analysts-bullish-on-bitcoin-despite-peter-schiffs-20000-doom-scenario","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analysts-bullish-on-bitcoin-despite-peter-schiffs-20000-doom-scenario\/","title":{"rendered":"Analysts Bullish On Bitcoin Despite Peter Schiff\u2019s $20,000 Doom Scenario"},"content":{"rendered":"<p style=\"font-weight: 400\">Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes. With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the \u201cHalving\u201d event.<\/p>\n<p style=\"font-weight: 400\">Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions regarding spot Bitcoin ETFs (exchange-traded funds) were correct and presented the possibility of a doom drop for BTC.<\/p>\n<div class=\"related-reading-shortcode\">\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/spot-bitcoin-ethereum-etfs-approved-hong-kong\/\" target=\"_blank\" rel=\"noopener \">Breaking: Spot Bitcoin And Ethereum ETFs Approved In Hong Kong<\/a><\/div>\n<\/div>\n<h2 style=\"font-weight: 400\">Peter Schiff\u2019s Doomsday Prediction For Bitcoin<\/h2>\n<p style=\"font-weight: 400\">Back in March, known Bitcoin opposer Peter Schiff <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/peter-schiff-spot-bitcoin-etfs\/\" target=\"_blank\" rel=\"noopener \">asserted<\/a> 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.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As I warned if <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> starts selling off tonight, <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BitcoinETF<\/a> 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&#39;t crash before they have a chance to sell. <a href=\"https:\/\/t.co\/GfLtl6Wc1S\" rel=\"nofollow\">https:\/\/t.co\/GfLtl6Wc1S<\/a><\/p>\n<p>&mdash; Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/06460874?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 14, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400\">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 <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-bonanza-before-the-halving-analyst-sees-pre-crash-buying-window\/\" target=\"_blank\" rel=\"noopener \">trade above<\/a> the $65,000 support level.<\/p>\n<p style=\"font-weight: 400\">Earlier that day, Schiff had <a href=\"https:\/\/x.com\/PeterSchiff\/status\/16902094\" target=\"_blank\" rel=\"noopener nofollow\">warned<\/a> of a critical support zone for BTC. To the economist, breaking below $60,000 could \u201ccreate a formidable triple top.\u201d This trend reversal could lead to an \u201cimmediate downside projection\u201d of $20,000.<\/p>\n<p style=\"font-weight: 400\">Following his dooming scenario, Schiff stated that, at that price, MicroStrategy would \u201chave a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K.\u201d Additionally, he <a href=\"https:\/\/x.com\/PeterSchiff\/status\/84488136\" target=\"_blank\" rel=\"noopener nofollow\">believes<\/a>\u00a0that BTC&#8217;s price could increase &#8220;before it crashes.&#8221;<\/p>\n<h2 style=\"font-weight: 400\">Analysts Unfazed By BTC\u2019s Correction<\/h2>\n<p style=\"font-weight: 400\">Several analysts concurred that the correction was a &#8220;minor drop&#8221; in the macro picture. According to MacroCRG, Bitcoin\u2019s chart \u201clooks incredible.\u201d The analyst <a href=\"https:\/\/twitter.com\/MacroCRG\/status\/63198886\" target=\"_blank\" rel=\"noopener nofollow\">stated<\/a>: \u201cThey threw a full-on war at her and all it managed to do was wick the range low.\u201d<\/p>\n<p style=\"font-weight: 400\">Similarly, trader and analyst Rekt Capital considers that BTC \u201csuccessfully protected the Range Low of its Re-Accumulation Range as the week of the Bitcoin Halving begins.\u201d<\/p>\n<p style=\"font-weight: 400\">Per the analyst\u2019s chart, Bitcoin is at the \u201cLast Pre-Halving Retrace\u201d during the \u201cPre-Halving Rally.\u201d If history is to repeat itself, after April 19, BTC will enter the \u201cRe-Accumulation\u201d phase before experiencing the \u201cPost-Halving Parabolic Upside.\u201d<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-603353 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLMvD7bWsAAr9zv.jpeg?w=860&#038;resize=860%2C607\" alt=\"BTC, BTCUSDT, Bitcoin, Crypto\" width=\"860\" height=\"607\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLMvD7bWsAAr9zv.jpeg?w=1794 1794w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLMvD7bWsAAr9zv.jpeg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLMvD7bWsAAr9zv.jpeg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLMvD7bWsAAr9zv.jpeg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLMvD7bWsAAr9zv.jpeg?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLMvD7bWsAAr9zv.jpeg?w=120 120w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLMvD7bWsAAr9zv.jpeg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLMvD7bWsAAr9zv.jpeg?w=1140 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"><\/p>\n<pre style=\"font-weight: 400;text-align: center\">Bitcoin phases during the \"Halving\" event. Source: <a href=\"https:\/\/twitter.com\/rektcapital\/status\/92822025\" target=\"_blank\" rel=\"noopener nofollow\">Rekt Capital on X<\/a><\/pre>\n<p style=\"font-weight: 400\">Moreover, Crypto Jelle <a href=\"https:\/\/twitter.com\/CryptoJelleNL\/status\/78780319\" target=\"_blank\" rel=\"noopener nofollow\">urged<\/a> investors to \u201cnot get shaken out\u201d as BTC is \u201cconsolidating above the previous cycle highs.\u201d The analyst and investor reaffirmed his <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/analysts-bullish-on-bitcoin-set-next-target-at-82000\/\" target=\"_blank\" rel=\"noopener \">prediction<\/a> of $82,000 after the upcoming \u201cHalving\u201d event.<\/p>\n<p style=\"font-weight: 400\">However, Jelle also <a href=\"https:\/\/twitter.com\/CryptoJelleNL\/status\/55702151\" target=\"_blank\" rel=\"noopener nofollow\">set<\/a> a higher target for this bull cycle. The bullish megaphone pattern on BTC\u2019s chart \u201cstill has a pattern of $180,000\u201d despite the recent correction, as stated in the post. The analyst claims he wouldn\u2019t be surprised \u201cif the meme pattern plays out once again.\u201d<\/p>\n<p style=\"font-weight: 400\">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\u2019s market activity has decreased by 32.1% in the past day, with a trading daily volume of $42.56 billion.<\/p>\n<p style=\"font-weight: 400\">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%.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-downside-thrust-60500\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Downside Thrust Over Or The Bears Are Not Done Yet?<\/a><\/div>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-603352 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/BTCUSDT_2024-04-15_08-07-55.png?w=860&#038;resize=860%2C410\" alt=\"BTC, BTCUSDT, Bitcoin\" width=\"860\" height=\"410\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/BTCUSDT_2024-04-15_08-07-55.png?w=1077 1077w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/BTCUSDT_2024-04-15_08-07-55.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/BTCUSDT_2024-04-15_08-07-55.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/BTCUSDT_2024-04-15_08-07-55.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/BTCUSDT_2024-04-15_08-07-55.png?w=750 750w\" sizes=\"(max-width: 860px) 100vw, 860px\"><\/p>\n<pre style=\"text-align: center\">Bitcoin's performance on the three-day chart. Source. BTCUSDT on <a href=\"https:\/\/www.tradingview.com\/x\/GxSrj1P5\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes. With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the \u201cHalving\u201d event. Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions regarding spot Bitcoin ETFs (exchange-traded funds) were correct and presented the possibility of a doom drop for BTC. Related Reading: Breaking: Spot Bitcoin And Ethereum ETFs Approved In Hong Kong Peter Schiff\u2019s 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 #Bitcoin starts selling off tonight, #BitcoinETF 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&#39;t crash before they have a chance to sell. https:\/\/t.co\/GfLtl6Wc1S &mdash; Peter Schiff (@PeterSchiff) April 14, 2024 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 warned of a critical support zone for BTC. To the economist, breaking below $60,000 could \u201ccreate a formidable triple top.\u201d This trend reversal could lead to an \u201cimmediate downside projection\u201d of $20,000. Following his dooming scenario, Schiff stated that, at that price, MicroStrategy would \u201chave a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K.\u201d Additionally, he believes\u00a0that BTC&#8217;s price could increase &#8220;before it crashes.&#8221; Analysts Unfazed By BTC\u2019s Correction Several analysts concurred that the correction was a &#8220;minor drop&#8221; in the macro picture. According to MacroCRG, Bitcoin\u2019s chart \u201clooks incredible.\u201d The analyst stated: \u201cThey threw a full-on war at her and all it managed to do was wick the range low.\u201d Similarly, trader and analyst Rekt Capital considers that BTC \u201csuccessfully protected the Range Low of its Re-Accumulation Range as the week of the Bitcoin Halving begins.\u201d Per the analyst\u2019s chart, Bitcoin is at the \u201cLast Pre-Halving Retrace\u201d during the \u201cPre-Halving Rally.\u201d If history is to repeat itself, after April 19, BTC will enter the \u201cRe-Accumulation\u201d phase before experiencing the \u201cPost-Halving Parabolic Upside.\u201d Bitcoin phases during the &#8220;Halving&#8221; event. Source: Rekt Capital on X Moreover, Crypto Jelle urged investors to \u201cnot get shaken out\u201d as BTC is \u201cconsolidating above the previous cycle highs.\u201d The analyst and investor reaffirmed his prediction of $82,000 after the upcoming \u201cHalving\u201d event. However, Jelle also set a higher target for this bull cycle. The bullish megaphone pattern on BTC\u2019s chart \u201cstill has a pattern of $180,000\u201d despite the recent correction, as stated in the post. The analyst claims he wouldn\u2019t be surprised \u201cif the meme pattern plays out once again.\u201d 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\u2019s 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%. Related Reading: Bitcoin Price Downside Thrust Over Or The Bears Are Not Done Yet? Bitcoin&#8217;s performance on the three-day chart. Source. BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":570427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11434,84434,679,1119,78790,89447,41003],"class_list":["post-603349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analyst","tag-bitcoin-correction","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-crypto-analysts","tag-peter-schiff"],"acf":[],"yoast_head":"\n<title>Bitcoin: Analyst Are Bullish Despite Peter Schiff\u2019s $20K Scenario<\/title>\n<meta name=\"description\" content=\"Bitcoin critic Peter Schiff shared a $20,000 doom scenario after the weekend price correction, but analysts remain bullish despire the drop.\" \/>\n<meta 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Garcia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1a5c5c83a8ac34388cefe7d0e708bab3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1a5c5c83a8ac34388cefe7d0e708bab3?s=96&d=mm&r=g\",\"caption\":\"Rubmar Garcia\"},\"description\":\"Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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