American stockbroker Peter Schiff has once again made headlines with his latest prediction on Bitcoin. Schiff, a well-known critic of the leading digital asset, has boldly stated that Bitcoin’s psychologically important support level of $60,000 won’t hold up for long.
In a recent post, Schiff compared Bitcoin to gold, pitching the traditional asset above BTC. He expressed confidence that gold’s pullback is over, with a resistance level at $2,400. On the other hand, Schiff believes that Bitcoin is on the brink of a pullback, despite its current price of $64,683.
This prediction comes just a week after Schiff warned that a break below $60,000 could trigger a downward spiral to $20,000. While Schiff remains pessimistic about Bitcoin, other analysts have differing views on the coin’s price trajectory.
Crypto analyst Ali Martinez recently identified a sell signal on the Bitcoin price chart, warning of a potential massive crash if BTC dips below $65,500. However, Willy Woo, another seasoned analyst, offered a more optimistic perspective, highlighting Bitcoin’s decreasing inflation rate compared to gold.
Some co-founders on Glassnode also predicted a surge to $72,000, with the 50-day Exponential Moving Average (EMA) at $62,000 serving as a key support level. They advised investors to view short-term dips in BTC’s price as valuable buying opportunities.
As the debate on Bitcoin’s price continues, it is clear that there are conflicting opinions on the future of the digital asset. Whether Schiff’s prediction of Bitcoin’s support level failing holds true remains to be seen, but one thing is certain – the cryptocurrency market is as volatile and unpredictable as ever.
