bitcoin Peter Schiff, CEO of Euro Pacific Capital, who expressed his opposition at every opportunity, claimed that a collapse in BTC price could occur by using technical indicators.
What Is Peter Schiff’s Catastrophic Scenario for Bitcoin?
According to Schiff’s claim, the BTC price may be on the verge of another decline.
The famous CEO attributes this claim to the “double top” formation, which he thinks is a strong bearish sign.
Here is a long-term chart of #Bitcoin. Imagine how bad this chart will look once Bitcoin beaks below $30K. A drop to $10K would seem like a lock, but there’s no reason to believe that level would hold up as a permanent floor. If this double top completes, the real floor is zero! pic.twitter.com/dBfJTgb0xe
— Peter Schiff (@PeterSchiff) February 13, 2022
The “double top” indicator is known as a popular pattern in technical analysis that is used to show the top of a bull rally.
The double top is considered complete when the price level drops below the “neckline”. Currently, this neckline for Bitcoin is located at $30,000.
Cryptocurrency According to the analysis of its critic, if the BTC price drops below the $30,000 level, there is a possibility of a drop to $10,000 or even lower.
Schiff claimed that there is no support level below $30,000 that could support BTC.
Schiff’s Analysis Turned Out To Be Inaccurate
However, it should be noted that Bitcoin supporters do not believe in these disaster scenarios of Schiff.
Known for his pro-gold stance, Schiff said in his statements in the past that he thinks BTC does not have any value.
Later, when the weekly chart of Bitcoin was examined, it was revealed that Schiff’s analysis was not correct.
In addition, one of the reasons why Schiff’s model is invalid may be that the BTC price has climbed from the $35,000 level to the $45,000 level with the recent attack.