Peter Schiff, a popular critic of Bitcoin and staunch advocate for Gold, has delved into the ongoing debate surrounding BTC’s valuation, predicting a potential downside pressure in the near future and setting his target at the $54,000 price level.
Bitcoin Continues To Face Downside Pressure
Earlier today, Schiff identified a negative pattern on the Bitcoin chart, indicating that the price of the cryptocurrency is likely to decline. He claims that the most recent examination of Bitcoin’s short-term chart demonstrates a shift in the attitudes of the market.
Schiff’s observation was made amid a background of elevated volatility and erratic sentiment, as Bitcoin has been moving in a downward direction over the last several days. The recent disclosure by the economist about the short-term downside objective of Bitcoin has garnered significant interest from the cryptocurrency community.
According to him, the pivotal $60,000, which was observed to be a support level on this shorter-term BTC chart, has turned into a resistance level. As a result, Schiff suggests a negative change in trend due to a short-term head-and-shoulders pattern appearing on the Bitcoin chart.
With the neckline just below $57,000, Schiff highlighted that the head lingers around $60,000, while the shoulder is situated around $58,500. Thus, he has placed his downside target for Bitcoin at the $54,000 level in the short term.
Schiff also voiced concerns about the lack of discussion about the largest cryptocurrency asset from the American business news channel CNBC, following a decrease in Bitcoin Spot Exchange-Traded Funds (ETFs) in the past few days.
Over the past two days, the BTC Spot ETFs have fallen by more than 10%, closing below their market high by about 23%, but yet neither the products nor BTC were talked about by the news channel in the timeframe. Meanwhile, should the Spot BTC ETFs have increased by 10%, the digital asset would have been covered all day.
Peter Schiff has consistently attacked BTC over time. Earlier this month, the economist declared that buyers of BTC Spot ETFs will soon begin to pull out as the market’s volatility overwhelms them.
Given that the coin’s long-term bear market is starting to gather up steam once more, Schiff claims all of the new investors in the funds will be riding along with the wave, prompting his confidence that these investors will bail out soon.
BTC In The Bear Market, Party Is Over
As the market continues to fluctuate, the gold advocate addressed the current state of BTC, noting that the digital asset is in a bear market, despite all the excitement surrounding the spot ETFs.
“Turn out the lights HODLers, the party is over,” he said, claiming that one BTC is currently worth less than 25 ounces, up by 33% in comparison to gold, and down by 23% in the US dollars.
Featured image from iStock, chart from Tradingview.com