Analysts Bullish On Bitcoin Despite Peter Schiff’s $20,000 Doom Scenario
April 15 2024 - 8:00PM
NEWSBTC
Over the weekend, the Bitcoin (BTC) crash had the crypto community
on its toes. With the price dropping to $60,000, many investors
worried that the flagship cryptocurrency was in trouble ahead of
the “Halving” event. Amid the correction, Bitcoin critic Peter
Schiff claimed that his previous predictions regarding spot Bitcoin
ETFs (exchange-traded funds) were correct and presented the
possibility of a doom drop for BTC. Related Reading: Breaking: Spot
Bitcoin And Ethereum ETFs Approved In Hong Kong Peter Schiff’s
Doomsday Prediction For Bitcoin Back in March, known Bitcoin
opposer Peter Schiff asserted what he thought was the problem with
Bitcoin ETFs. According to the economist, the problem with owning
these investment products was that liquidity was limited to US
market hours, which would mean that investors could not sell if the
market crashed overnight. As I warned if #Bitcoin starts selling
off tonight, #BitcoinETF owners can do nothing but watch and wait
until the NYSE opens tomorrow morning. In the meantime it will be a
long night hoping that Bitcoin doesn't crash before they have a
chance to sell. https://t.co/GfLtl6Wc1S — Peter Schiff
(@PeterSchiff) April 14, 2024 On Sunday afternoon, Schiff claimed
that, as he previously warned, Bitcoin ETF owners would be helpless
if the flagship cryptocurrency started selling off that night. BTC
traded around $63,460 at the time of his post and recovered in the
following hour to trade above the $65,000 support level. Earlier
that day, Schiff had warned of a critical support zone for BTC. To
the economist, breaking below $60,000 could “create a formidable
triple top.” This trend reversal could lead to an “immediate
downside projection” of $20,000. Following his dooming scenario,
Schiff stated that, at that price, MicroStrategy would “have a $2.7
billion unrealized loss on 214K Bitcoin acquired at an average
price of $34K.” Additionally, he believes that BTC’s price
could increase “before it crashes.” Analysts Unfazed By BTC’s
Correction Several analysts concurred that the correction was a
“minor drop” in the macro picture. According to MacroCRG, Bitcoin’s
chart “looks incredible.” The analyst stated: “They threw a full-on
war at her and all it managed to do was wick the range low.”
Similarly, trader and analyst Rekt Capital considers that BTC
“successfully protected the Range Low of its Re-Accumulation Range
as the week of the Bitcoin Halving begins.” Per the analyst’s
chart, Bitcoin is at the “Last Pre-Halving Retrace” during the
“Pre-Halving Rally.” If history is to repeat itself, after April
19, BTC will enter the “Re-Accumulation” phase before experiencing
the “Post-Halving Parabolic Upside.” Bitcoin phases during the
"Halving" event. Source: Rekt Capital on X Moreover, Crypto Jelle
urged investors to “not get shaken out” as BTC is “consolidating
above the previous cycle highs.” The analyst and investor
reaffirmed his prediction of $82,000 after the upcoming “Halving”
event. However, Jelle also set a higher target for this bull cycle.
The bullish megaphone pattern on BTC’s chart “still has a pattern
of $180,000” despite the recent correction, as stated in the post.
The analyst claims he wouldn’t be surprised “if the meme pattern
plays out once again.” The correction caused BTC to register
bleeding numbers for several periods. The biggest cryptocurrency
exhibits an 8.4% and a 3.1% dip in the weekly and monthly
timeframes. Similarly, BTC’s market activity has decreased by 32.1%
in the past day, with a trading daily volume of $42.56 billion.
Nonetheless, Bitcoin has recovered 3.5% from its price 24 hours
ago, currently trading at $66,275. Since the lowest point of this
correction, BTC has surged 10.3%. Related Reading: Bitcoin Price
Downside Thrust Over Or The Bears Are Not Done Yet? Bitcoin's
performance on the three-day chart. Source. BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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