Last week, Bitcoin was moving in a narrow range of about $8,000. This did not give any significant impetus in any direction. Currently the valuation of the cryptocurrencies king has been moving under the surface of $8000 for some time. At the moment of writing this text the BTC value is 7911$. Is there another drop of BTC waiting for us? Peter Schiff thinks that it is not only the decline. A well-known gold promoter says that we can witness a real armageddon.
Peter Schiff, spares no sinister, bearish projections. Yeah! Practically speaking, this is the rhetoric of the apocalypse, because Schiff talks about drops to as much as $2,000!
Schiff believes that many technical formations point to the possibility that the cryptocurrencies is now ready to move towards $2,000. Analysts focused on cryptocurrencies, however, question its analysis claiming that it ignores the important factors that really drive the price action of bitcoin.
A BTC drop to $2,000? According to Schiff, this is a real
If you don’t remember, let’s remind you that Peeter Schiff is a well-known gold promoter. So far, he hasn’t spared bitter words about bitcoin and I think we should accept the fact that he is not with the BTC “on the way”. Recently, in one of the tweets Schiff said that in his opinion, the last drop flag fell below $10,000, and the potential peak of the formation “head and shoulders” is supposed to indicate a movement in the direction of $2,000.
“The Bitcoin chart looks terrible. The flag that emerged after the recent crash not only moves up to $6,000, but we are close to completing the right arm of a head and arm formation – with a head of $14,000 and a neck line just below $8,000 that points to drops below $2,000!”
Fundamental armageddon? Not yet
Commentators don’t believe in such a drastic inheritance. The level of $2,000 seems very unlikely to be achieved. In the comments under Schiff’s tweet we can read that the BTC’s decline to $2,000 would have to be preceded by some real, fundamental Armageddon. Meanwhile, the opinions that bitcoin may want to continue its journey down the chart do not disappear from the horizon, but in a slightly different region, namely 6000 USD.
Analysts do not believe that the patterns that Schiff invokes as support for his claim that Bitcoin will fall to $2,000 are any oracle for his future price movements.
Josh Rager, a well-known and respected Twitter cryptocurrencies analyst referred to Schiff’s analysis in this way:
“Imagine that you believe that you can actually predict the bitcoin price on charts within a high timeframe using a “head and shoulder” pattern:”
The analysts are divided as to whether Bitcoin will fall even lower and score $6,000. However, even those with a downward inclination believe that this will be a region with significant support that will drive the cryptocurrencies to a definite upward bounce. Will this happen? We will see.
Meanwhile, let us know in your comments what you think about Peter Schiff’s projections. Let us discuss it.