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26 May 2024
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Bitcoin Critic Peter Schiff Warns of Decline Below $60,000 Support

Bitcoin Critic Peter Schiff Warns of Decline Below $60,000 Support

  • The investor predicts a decline in BTC prices, but he thinks the gold market correction is gone.
  • Bitcoin has fallen 3.85% in the last 24 hours, and as of this writing, its price is $64,148.

The comment by prominent investor Peter Schiff that Bitcoin, the most valuable digital asset by market cap, would not be able to maintain its psychologically significant support level of $60,000 has started trending.

The Bitcoin skeptic began his piece by assuming that the recent decline in gold prices has ended. At well over $2,300 per share, the conventional asset is selling at a premium over Schiff’s $2,000 valuation. 

Gold, he says, has hit a resistance level at $2,400, but that level won’t be there for much longer. Bitcoin, Schiff pointed out, stands in stark contrast to the gold market’s prognosis. The investor predicts a decline in Bitcoin prices, but he thinks the gold market correction is gone.

All Eyes on Key Support Level

The most popular cryptocurrency has fallen 3.85% in the last 24 hours, and as of this writing, its price is $64,148 as per data from CoinMarketCap. Schiff believes that Bitcoin has support around $60,000 but also believes that the cryptocurrency will not be able to hold this level for an extended period of time given its present pricing.

Exactly one week before this latest forecast, the critic had warned that a decline to about $20,000 may be in store if the price fell below $60,000. Even though Peter Schiff has maintained his bearish outlook on Bitcoin, it is interesting to see that BTC is now showing mixed sentiments.

One well-known crypto expert, Ali Martinez, has lately issued a warning to investors after seeing a sell signal on the Bitcoin price chart. He made a specific point about Bitcoin’s potential to go below the $65,500 mark, which would cause a dramatic decline in the value of the cryptocurrency.

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