Famous gold supporter and Bitcoin (BTC) anti Peter Schiffdrew attention to the formations on the BTC chart in his last tweet.
How can anyone who looks at this chart stay long #Bitcoin? Now that the upper support line has been broken, a move to the lower support line is a high probability. The chart has both double top and head and shoulders top patterns. The combination is ominous. It’s a long way down! pic.twitter.com/GTNyUXFB63
— Peter Schiff (@PeterSchiff) May 16, 2022
Schiff, CEO of Euro Pacific Capital and head of the Schiff Gold fund, has been talking about the Bitcoin drop that he predicts will happen in the near future. a negative roadmap He was at work again to draw.
Stating that Bitcoin is going down, Schiff, who checked the chart he shared, that no sane person will stay long in Bitcoinhe said.
Drawing attention to the “double top” and “shoulder to head” formation on the chart in question, Schiff claimed that Bitcoin has a long way to go down.
Head and shoulders It is a reversal pattern that predicts a transition from bullish to bearish for a traded asset.
Double top On the other hand, it is a highly bearish pattern that occurs after an asset price reaches two peaks with a bearish break between them.
Stating that these formations were formed in BTC, Schiff presented a graphical forecast for the first time after the previous “aphaki” predictions.
However, it is also known that Schiff made statements that the BTC price would never see above $ 10,000 years ago, and that he was seriously mistaken.