Ah, the ever-eloquent Peter Schiff, a man whose love for gold is rivaled only by his disdain for Bitcoin, has once again graced us with his bearish musings. On the fateful day of March 17, he took to the digital realm of X, lamenting Bitcoin’s unfortunate entanglement with the Nasdaq. He warns us, dear reader, of a cataclysmic downturn should the stock market decide to take a nosedive into the abyss of despair.
In a moment of sheer brilliance, he draws parallels to the past, recalling the Nasdaq’s dramatic plummet—an 80% drop post-Dot-com bubble and a 30% crash during the COVID-19 pandemonium. Schiff, with the flair of a seasoned prophet, estimates that a typical bear market decline of 55% could send Bitcoin, that once-mighty titan, tumbling down to a mere $20,000. Oh, the humanity! 😱
He argues, with a twinkle of sarcasm in his eye, that such a precipitous fall would only hasten Bitcoin’s descent into the depths of irrelevance.
Our 61-year-old oracle of finance also posits that Bitcoin’s self-proclaimed status as digital gold is but a fleeting illusion, a mirage in the desert of speculation. “Surely, there will be no reason for the U.S. government or any state to hoard Bitcoin in their strategic reserves,” he quips, as if the very notion were a jest.
Bitcoin Miners Cashing In
As if on cue, Schiff’s grim prediction arrives just as Bitcoin struggles to cling to the critical support level of $81,820. Meanwhile, Bitcoin miners, those industrious souls, have recently decided to cash in their chips, offloading over 1,000 BTC and pocketing a tidy sum of over $27 million. Cha-ching! 💰
Historically, the miners’ sell-off has often heralded price volatility, leaving traders in a state of anxious anticipation, fearing the impending doom of a downturn.
As we pen this missive, Bitcoin is trading at $83,400, a modest 2% increase in the past 24 hours, according to the ever-reliable CoinMarketCap data.
A Sharp Breakout Ahead?
Gazing into the crystal ball of the daily BTC price chart, we observe the MACD line trending ominously toward a potential bearish crossover. This, dear reader, hints at a slowing upward momentum, aligning perfectly with the specter of a short-term correction. How delightful! 😏
Conversely, the Relative Strength Index (RSI) hovers around 55, suggesting that BTC is slightly bullish as we approach the final Federal Open Market Committee (FOMC) meeting before May. A breakout, it seems, could occur in either direction—what a thrilling game of chance!
Meanwhile, the Bollinger Bands reveal that Bitcoin is inching toward a squeeze, a setup that often precedes a sharp move. Should BTC break above $85,000, we might witness a resurgence of bullish fervor. However, a drop below $81,800 could plunge us into the depths of despair.
Interestingly, the BTC price is also forming a symmetrical triangle pattern on the 4-hour chart, reaching its breaking point at $83,500. How poetic! 📈
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2025-03-17 18:04