Bitcoin may test support below $10,000 due to this pattern: Peter Schiff
Usual Bitcoin Opponent Schiff Continues to Say BTC Will Likely Fall Below $10,000; here are his arguments for it this time
Prominent hater of Bitcoin and crypto in general, fund manager and podcaster Peter Schiff, again believes that there are now signs that Bitcoin is likely to start falling hard. He has taken to Twitter to share his thoughts on this.
“Minimum support will be tested below $10,000”
Goldbug Schiff has shared a chart to show that several bearish patterns have formed on it and he expects Bitcoin to plunge. The chart shows the Double Top and Head & Shoulders Top for 2021 and now, says Schiff, and a Rising Wedge is forming. Falling Wedge and Rising Wedge are reversal patterns that are usually followed by an increase and decrease in the price of an asset, respectively.
This time, Schiff warns that the Rising Wedge could take the flagship cryptocurrency down to test a support below the $10,000 level.
Just to put #Bitcoin collect in perspective, take a look at this chart. The pattern is still very bearish. There is both a double top and a head and shoulders top. There is a rising wedge below the neckline. At a minimum, support will be tested below $10K. Look out below! pic.twitter.com/OHNhwsgxxs
— Peter Schiff (@PeterSchiff) 14 August 2022
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Schiff doubts that a new ATH will be reached
On Friday, in an interview with Kitco, Peter Schiff claimed that the current Bitcoin price rally is a “sugar rush” and that the leading cryptocurrency is unlikely to reach a new all-time high after it managed to top the $69,000 level for almost a year since – in November 2021.
Also, since he believes that the amount of various cryptocurrencies is only going to rise, he does not see much difference between BTC and other digital tokens.
“Ominous Combination” for Bitcoin
This is not the first time this year that Schiff has promised a Bitcoin fall to $10,000. If his forecast did not come true at the beginning of the year, in May he saw an “ominous combination” of bearish patterns – again, the Double Top and the Head & Shoulders pattern. At the time, Bitcoin was trading in the $29,000 zone, staying in this area for a month until early June and then plunging to test $19,000.
Currently, Bitcoin is changing hands in the $24,000 zone, per CoinMarketCap.
Contrary to Peter Schiff, on Friday, the head of the SkyBridge Capital fund Anthony Scaramucci, a prominent Bitcoin supporter, suggested that BTC is likely to rise to the $300,000 level.
