Euro Pacific Capital President Peter Schiff updated his Bitcoin price bottoming prediction and gave advice to investors.
How can anyone long #Bitcoin look at this chart and not sell? Even if you think Bitcoin will ultimately trade higher, it’s hard to image that it doesn’t test long-term support at the lower line first. I think it will fail that test. Regardless, better to sell now and rebuy lower. pic.twitter.com/GlHa3JL9mv
— Peter Schiff (@Peter Schiff) June 15, 2022
In mid-May, a well-known critic of the first cryptocurrency and a supporter of gold predicted that the digital asset would test the support level at $8,000. He justified this by the “double top” and “head and shoulders” patterns formed on the price chart.
This time, Schiff turned his attention to the long-term support level in the $5,000 region.
“Even if you think bitcoin will eventually trade higher, it’s hard to imagine that it doesn’t test long-term support on the bottom line first. I think he will fail the test. In any case, it is better to sell now and buy cheaper,” the investor commented on the chart.
Prior to his previous forecast, Schiff suggested that the flagship fall below $10,000 if the price breaks through the $30,000 level sharply. More than 80% of the participants in the survey he launched agreed that the quotes would go under the designated mark.
On May 11, the price of Bitcoin failed the $30,000 level. After about a month of trading near the sign mark, on June 13, the cryptocurrency rate fell below $23,000.
Recall that in early June, Arthur Hayes, co-founder of the BitMEX crypto derivatives exchange, said that Bitcoin quotes had reached the bottom of the current cycle.
After the collapse, CEO and founder of Galaxy Digital cryptobank Mike Novogratz expressed hope that the price of digital gold approached the minimum levels.
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