Saad Ullah
Renowned critic Peter Schiff highlights a bearish pattern in Bitcoin's price, anticipating a downturn with a downside target of $54K.
Schiff Highlights Bearish Pattern Formation
Renowned crypto critic and economist Peter Schiff recently took to spotlighting a bearish trend for Bitcoin's price trajectory. BTC's price slipped nearly 5%.
According to Schiff’s analysis, the latest short-term chart for Bitcoin shows a shift in market sentiments post-halving, with the $60K support transitioning into a resistance. Schiff points out the emergence of a short-term head-and-shoulders pattern within BTC’s chart, signaling a trend reversal from bullish to bearish.
Potential Downturn Ahead
Aligning with this analysis, Peter Schiff warns of a potential downturn in BTC’s price, setting a downside target at $54K. This pattern signals a possible reversal in Bitcoin’s recent bullish trajectory, urging investors to exercise caution amid heightened market volatility.
BTC’s price trajectory has seen a 3.48% pullback in the past 24 hours, reaching $57,724. The token’s market cap slipped 3.48%, reaching $1.2 trillion, while its 24-hour trading volume spiked 30.21%, reaching $39.47 billion.
Bitcoin’s price movement post-halving suggests it has entered a reaccumulation phase, with turbulent shifts further fueled by yesterday’s FOMC meeting. Concerns among investors are burgeoning, with Schiff’s remarks adding weight. However, traders and investors remain bullish on the token’s long-run price action, anticipating a post-BTC halving rally.
Conclusion
Peter Schiff's bearish outlook on Bitcoin's price, backed by technical analysis, has triggered discussions among investors. While short-term volatility persists, the long-term bullish sentiment remains intact as the market awaits potential post-halving developments.
Saad Ullah
