Bitcoin Price May Drop to $15,000-$20,000, Predicts Gold Bug Peter Schiff
CryptoNewsTerminal Staff16 Sep, 2024
Bitcoin Price May Drop to $15,000-$20,000, Predicts Gold Bug Peter Schiff
Bitcoin (BTC) could drop to as low as $15,000-$20,000, according to gold bug and Bitcoin skeptic Peter Schiff. Schiff, who is the CEO of Euro Pacific Capital, said in a tweet on Tuesday that a triple top pattern has formed on the Bitcoin chart, indicating a bearish turn in the cryptocurrency's price. A triple top is a reversal pattern formed by three consecutive peaks at approximately the same level, with two intervening troughs. It is generally interpreted as a sign that the price will fall below the intervening trough after reaching the third peak. "We are headed toward a test of the $42,000 rising trend line for Bitcoin," Schiff said. "But I doubt it will hold. A retest of the major support at $15,000-$20,000 seems more likely." If Bitcoin does fall to $15,000-$20,000, it would represent a drop of more than 50% from its current price of around $43,000. It is important to note that Schiff is a well-known critic of Bitcoin and has repeatedly predicted its demise. His latest prediction should therefore be taken with a grain of salt. ```
