Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Renowned gold and <a href="https://u.today/dogecoin-founder-makes-crucial-bitcoin-statement-as-btc-plummets" rel="noopener noreferrer nofollow">Bitcoin</a> bear Peter Schiff stated that he believes the trend in Bitcoin may intensify while pointing out a critical support level that Bitcoin investors should make sure not to overlook. In case of a breakdown, his chart suggests that the digital gold may lose up to 60% of its <a href="https://x.com/PeterSchiff/status/1808736316437213664/photo/1" rel="noopener noreferrer nofollow">value</a>.
Right now, the price of <a href="https://u.today/satoshi-era-bitcoin-address-activated-as-btc-price-plunges" rel="noopener noreferrer nofollow">Bitcoin</a> is slightly below the 200 EMA. This level has always been a reliable stopgap for a long-term trend, which makes it significant. Breaking below this mark could signal a more serious bearish trend and significant price drops. The bearish outlook has been reinforced by resistance at the 50 EMA, which is located at $63,634, and the 100 EMA, which is located at $63,315. <img alt=" BTCUSD" data-entity-type="file" data-entity-uuid="0f355162-4112-43ea-92df-439c2b2615f3" src="https://u.today/sites/default/files/inline-images/image_961.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">BTC/USD Chart by TradingView</a>
While the overall trend remains weak, the RSI at 31 indicates that Bitcoin is approaching oversold territory, suggesting a possible short-term recovery. Peter Schiff's analysis of Bitcoin often leans heavily toward bearish extremes despite the fact that it is based on traditional market skepticism.
If <a href="https://u.today/bitcoin-btc-lost-63000-are-we-going-below-60000-xrp-could-not-break-048-shiba-inu-shib-shows-lowest" rel="noopener noreferrer nofollow">Bitcoin</a> breaks its current support, a prediction of, say, 60% of the value could be considered alarmist. A 60% decline would suggest a drop to roughly $23,000, which might not be consistent with previous price patterns even though further drops are still possible. Despite those drops, Bitcoin has been exhibiting some resilience - but obviously not enough.
As a result of adoption trends and optimistic investor sentiment, Bitcoin has previously recovered from similar drops. Despite recent drops, institutional interest in Bitcoin has not diminished.&nbsp;
Institutions continue to support Bitcoin by investing in and developing products linked to the cryptocurrency, indicating their confidence in its long-term potential. The market's sentiment is subject to sudden changes. Positive news can swiftly alter the narrative and drive up costs. Clearer regulations or enhanced technology are two examples of this.

Peter Schiff Names Next 'Critical' Bitcoin (BTC) Support

U_Today

Other articles published on Jul 4, 2024

Coinbase Vs. SEC: Battle Over Gensler’s Communications Escalates

Analysts Review Solana’s Current Trends

41.5 Million Dogecoin (DOGE) in 24 Hours as Heavy Liquidation Hits Crypto

Embrace The Future Of Crypto With Moonbag: Redefining Investing Among Polygon and Toncoin Turbulence

Vitalik Buterin’s new vision: Is a ‘faster’ Ethereum on the horizon?

Global Banking Regulators Set New Framework for Cryptocurrency Services

Join our free newsletter for daily crypto updates!