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 24 bin dolardan işlem görüyor. Kaynak: TradingView
Ne yazık ki, azalan hacim profili, piyasayı bir bütün olarak temkinli tuttu ve tüccarların ve yatırımcıların mevcut yönü desteklemediğinin sinyalini verdi.
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.
Sadece koymak için #Bitcoin perspektife doğru toplanın, bu tabloya bir göz atın. Desen çok düşüş eğiliminde. Hem bir çift üst hem de bir baş ve omuz üstü var. Boyun çizgisinin altında yükselen bir kama var. Minimum destek 10 bin doların altında test edilecek. Aşağıya bakmak! pic.twitter.com/OHNhwsgxxs
- Peter Schiff (@PeterSchiff) Tarafından Çekilen En Yeni Fotoğrafları İncele Ağustos 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:
“Bu hafta Arjantin'de gösterge faiz oranı %69.5'e ulaştı. İki haftada 1750 baz puan arttı. Resmi enflasyon oranı yüzde 71'e çıktı. Yıl sonuna kadar bu oranın yüzde 90'ı aşması bekleniyor. Bitcoin bir yatırımdan daha fazlasıdır. Bitcoin umuttur.”
Shutterstock'tan öne çıkan görsel, grafikten TradingView.com
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-still-very-bearish-says-peter-schiff/