Bitcoin While its price has fallen since its peak in mid-March, things got worse in April. Crypto critic Peter Schiff believes the sell-off could continue.
Schiff shared a short-term candlestick chart of Bitcoin on account X, highlighting a technical pattern that signals a potential downtrend.
The analyst noted that the previous support level of $60,000 is now acting as resistance. It also identified a possible “head and shoulders” formation below $60,000 with a neckline near $57,000. The realization of this formation has a real risk of triggering a decline. The analyst’s final bearish target is $54,000.
Notice on this shorter-term #Bitcoin chart that $60K, which was support has become resistance. Bitcoin is forming a short-term, head-and-shoulders top, with the head just under $60K, the shoulders around $58.5K and the neckline just below $57K. The downside objective is $54K. pic.twitter.com/fkDHBSmyq2
NEWS CONTINUES BELOW— Peter Schiff (@PeterSchiff) May 2, 2024
On Wednesday, the Federal Reserve decided to keep interest rates steady. Bitcoin priceIt affected . The lack of interest rate increases strengthened the US dollar. As a result, BTC weakened against the dollar. Conversely, signs that the Federal Reserve may lower interest rates in the future could see BTC gain strength.
While naysayers like Schiff are bearish on Bitcoin’s short-term outlook, the community is bullish on the long term. Cathie Wood, CEO of Ark Investment Management, predicts a long-term price increase that could see Bitcoin reach $3.8 million by 2030.
In the face of this uncertainty, some analysts, such as Ali Martinez, view the current decline as an opportunity to buy. sees.
The last three times the #Bitcoin 30-day MVRV dropped below -9% in the last two years, the price of $BTC surged by 64%, 63%, and 99%, respectively.
the #BTC 30-day MVRV is currently at -11.6%, suggesting it may be time to buy the bottom! pic.twitter.com/Q85skH7Hyj
— Ali (@ali_charts) May 1, 2024
The analyst highlighted that using the ratio of market value to realized value (MVRV), an on-chain indicator to examine aggregate investor behavior as price moves towards cost basis, the 30-day MVRV is negative 11.6%.
