The price of bitcoin will test the lower boundary of the corridor around the $8,000 mark. Peter Schiff, a supporter of gold and a critic of the first cryptocurrency, came to this conclusion based on technical analysis.
How can anyone who looks at this chart stay long #Bitcoin? Now that the upper support line has been broken, a move to the lower support line is a high probability. The chart has both double top and head and shoulders top patterns. The combination is ominous. It’s a long way down! pic.twitter.com/GTNyUXFB63
— Peter Schiff (@Peter Schiff) May 16, 2022
“How can anyone else stay long on bitcoin? Now, when the upper border is broken, there is a high probability of movement to the lower support line. The chart also shows two important patterns: the “double top” and the “head and shoulders”. An ominous combination. It’s a deep down road,” Schiff wrote.
In the comments, one of the users noticed that the quotes of the first cryptocurrency repeat the trajectory that preceded the serious fall at the end of 2013.
Looking a bit shaky /j https://t.co/avJOm3Ccen pic.twitter.com/en0sBTHF1V
— David Leonard True (@DavidLiveTrue) May 16, 2022
“Looks a bit shaky, I agree,” he said.
Another commenter suggested that bitcoin has bottomed ahead of an upcoming upswing phase lasting several months.
What about this line pic.twitter.com/Q2wmVdqmDp
— Justus (@SubmarineSteel) May 17, 2022
On May 8, Schiff predicted that the price of digital gold could fall below $10,000 if the rate sharply breaks down the $30,000 level. More than 80% of participants in a Twitter poll launched by the investor agreed that the quotes would not stay above this mark.
On May 11, the price failed the $30,000 level. After a short, deeper subsidence, the rate returned to levels near the sign level.
Bitcoin’s “fear and greed” index is at extreme values, which signal a sell-off of the asset.
Against this background, CoinShares analysts noted a record weekly influx of funds into crypto funds since the beginning of the year. According to experts, institutional investors seek to take advantage of the market decline.
Recall that Galaxy Digital founder Mike Novogratz did not rule out a further decline in bitcoin quotes from $30,000.
Bestselling author of Rich Dad Poor Dad and entrepreneur Robert Kiyosaki has predicted a test of the $17,000 level.
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