Bitcoin may be aiming for another retest of a crucial price level that prevents the digital gold from entering another bear cycle, which appears to be the next logical objective given that the first cryptocurrency was unable to break through $25,000, according to the cryptocurrency’s daily chart.
Bitcoin May Fall If It Goes Below This Level
After falling below $20,000 in June, Bitcoin has been trading in a rising wedge for more than a month. Since then, the value of the king cryptocurrency has increased by over 25%, with occasional jumps to a 30% price increase.
BTC/USD se trguje po 24 hiljada dolara. Izvor: TradingView
Nažalost, jedan obrazac – profil smanjenja obima – održao je tržište u cjelini opreznim i signalizirao da trgovci i investitori ne podržavaju trenutni smjer.
When the market once again experiences intense selling pressure, it can eventually finish with downward volatility. A dip below the wedge’s lower border at roughly $23,400 would mark the precise start of the reversal. Fortunately, the threshold coincides with the crucial 50-day moving average support level, which frequently serves as a guideline for trending assets.
Peter Schiff Says Bitcoin May Go Below $10k
The economist and ardent opponent of Bitcoin, Peter Schiff, has reaffirmed his gloomy outlook for the price of Bitcoin (BTC/USD), speculating that the benchmark cryptocurrency may go below $10,000.
Putting Bitcoin’s “rally into perspective” demonstrates that bears are still firmly in control, according to Peter Schiff.
Samo da stavim #Bitcoin okupite u perspektivu, pogledajte ovaj grafikon. Obrazac ostaje veoma medvjedast. Ima i dupli gornji dio i gornji dio glave i ramena. Ispod dekoltea se formira klin koji se diže. Minimalna podrška će biti testirana ispod 10 hiljada dolara. Pazite ispod! pic.twitter.com/OHNhwsgxxs
- Peter Schiff (@PeterSchiff) Avgust 14, 2022
In June, Bitcoin hit a low of $17,600 as the bear market deepened and the wider cryptocurrency market experienced instability.
Bitcoin’s recent climb to highs of $25,000 and retest of support were mentioned in Schiff’s tweets on Monday, in which he reiterated his previous prediction that BTC will reach $0. However, despite the gold advocate’s dire predictions for BTC, Michael Saylor of MicroStrategy insists that “Bitcoin is hope.”
According to Saylor, the devaluation of fiat currencies amid runaway inflation in countries such as Argentina leaves BTC as the best alternative for the people. The cryptocurrency thus offers more than an investment. He tweeted:
“Ove sedmice referentna kamatna stopa je u Argentini dostigla 69.5%. Porastao je za 1750bp za dvije sedmice. Zvanična stopa inflacije porasla je na 71%. Očekuje se da će do kraja godine premašiti 90%. Bitcoin je više od investicije. Bitcoin je nada.”
Istaknuta slika sa Shutterstocka, grafikon sa TradingView.com
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-still-very-bearish-says-peter-schiff/