Renowned Economist Reveals What Will Happen If Bitcoin Can’t Hold $60,000

by

As a seasoned economist and long-time critic of Bitcoin, I’ve seen my fair share of volatility in the world of cryptocurrencies. And right now, I’m cautioning investors to proceed with extreme caution when it comes to Bitcoin.

Expert and critic of Bitcoin and economics, Peter Schiff, has sounded a warning to investors about the world’s leading cryptocurrency. He has expressed concern over the possibility of significant consequences if Bitcoin fails to hold above key support thresholds.

Economist Predicts Bitcoin Price Decline

In a recent update on X, now called Twitter, economist Schiff presented a graph comparing Bitcoin’s value to the U.S. Dollar (USD). At the moment of his post, Bitcoin was priced at $63,814. He also highlighted significant support points around $60,000. Schiff contends that the current price situation for Bitcoin doesn’t benefit long-term holders (HODLers) according to his analysis.

Schiff emphasized the significance of Bitcoin (BTC) staying above $60,000. Cautioning investors, he advised them to keep a close watch and hope for the cryptocurrency’s ability to uphold its support levels. Moreover, he forecasted that if BTC couldn’t maintain crucial support, a significant price drop was imminent.

Schiff’s criticisms of Bitcoin might seem consistent with his past views, but the moment for his cautions arrives during a particularly turbulent time in Bitcoin’s pricing history.

I’ve noticed that the value of the cryptocurrency is now at around $63,909 according to my observation. This represents a significant drop from its previous record high of more than $73,000, which was reached before the recent halving event. Based on figures from CoinMarketCap, Bitcoin has experienced a decline of 3.75% in the last day and 4.38% over the past month.

As an observer, I notice that the unpredictable pricing situation of the trailblazing cryptocurrency raises doubts and even suggests the potential for additional decreases in value. However, if the cryptocurrency manages to swiftly adjust its price, this downward trend could be reversed.

New investors in the Spot Bitcoin ETF market, as explained by Schiff, need to be aware that they’re entering a market known for significant price fluctuations and drops. Experienced Bitcoin holders are used to this volatility, but newcomers may be in for an unpleasant surprise.

Crypto Analyst Says Potential Upsurge In Store For BTC

On Monday, April 22, crypto analyst Ali Martinez provided analysis on Bitcoin’s potential future pricing trends in a Reddit post, titled “X.” Martinez pointed out that Bitcoin’s price had been steadily climbing and was aiming to reach new peaks near the $66,000 mark.

A crypto expert anticipates that surpassing Bitcoin’s crucial support levels at around $66,000 could lead to its next significant resistance levels lying between $69,900 and $71,200. However, Martinez advises investors to stay vigilant, as a possible reversal is not ruled out. He underlines the significance of being cautious and keeping a close eye on Bitcoin’s price should it dip below $65,500.

I’ve noticed that Bitcoin, currently valued at $63,909, has taken a significant dip below the crucial support threshold identified by Martinez. The persistent price decline could be linked to recent patterns suggesting that Bitcoin’s accumulation score has hit zero. This signifies that large investors, also known as whales, might be divesting from Bitcoin or abstaining from purchasing it at its present value.

Read More

2024-04-25 20:11