Unfortunately, digital gold could not withstand the current selling pressure. Famous gold bug Peter Schiff once again shared his bearish view on Bitcoin. Shiff says it’s an existential moment for Bitcoin. In this vein, he makes an implied reference to Cathie Wood, a Bitcoin bull.
“If Bitcoin drops below $60k, Cathie will close the door!
cryptokoin.comAs you follow from , the sharp sales in the market make investors nervous. Leading crypto Bitcoin witnessed intense sales after breaking the support at $60,000. Famous gold bug Peter Schiff made a warning last week, pointing to Bitcoin’s position. Following the latest developments, Schiff took the stage again. Schiff suggests that his descent into what he calls the “danger zone” will be a decisive turning point.
Bitcoin has indeed broken the $60,000 threshold, which has served as a strong psychological and technical support throughout the 2024 bull run. This break further strengthened the negative atmosphere in the market. According to Schiff, a fall below this key level would likely spell the end of the rally that has captivated the market over the past year. In this context, Peter Schiff shared the following on his social media account X:
I drew attention to this graph a week ago. Since then, Bitcoin has fallen into danger territory. Now it is “do or die”. If Bitcoin drops below $60,000, Katie closes the door.
The chart shows Bitcoin near $58,540 and the 100-day Exponential Moving Average (EMA) very close. According to Schiff, a sustained decline below this moving average would confirm the bearish trend. This will effectively “end the rally.” In this context, Shiff warns that this development will end the bull run for the near future.
There are signs of decline in BTC’s technical outlook too!
Additionally, the increase in trading volume accompanying the price drop indicates increased selling pressure. This increase in volume is a typical bearish indicator. Therefore, it further supports Peter Schiff’s hypothesis that the market is turning. Meanwhile, sentiment among traders is becoming increasingly cautious. Many traders and analysts are warning of further declines. Standard Chartered, one of the giant banks, predicts that BTC will slide towards 50 thousand dollars.
From a technical perspective, if Bitcoin fails to reclaim the $60,000 level, the next major support is at $51,965. This represents a significant pullback from recent highs. Additionally, it is possible that a slide to this level could trigger further selling. On the other hand, a recovery from current levels must overcome the $60,000 resistance to invalidate the bearish scenario. According to analysts, if it breaks above this level, Bitcoin is likely to jump to around $64,000. Thus, it is possible that there is a silver lining for the bulls.
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