Peter Schiff, leading cryptocurrency Bitcoin He stated that the $54,000 level will be the next downside target. The gold bull stated that Bitcoin has formed a bearish head and shoulders formation, with the “neckline” of the formation located just below $57,000. According to CoinGecko data, the leading crypto asset is currently trading at $57,770 after previously falling to an intraday low of $56,637.
Bitcoin is down more than 21% from its record high of $73,737 on March 14. cryptocurrency The unit came under strong downward pressure last week due to exchange-traded fund outflows. With the recent statements of Federal Reserve Chairman Jerome Powell, BTC price managed to rise above the $ 59,000 level for a short time.
Schiff recently stated that the BTC price is “definitely” in a bear market after the coin fell 20% from its record high.
Meanwhile, the Crypto Fear & Greed Index, a key indicator of cryptocurrency investor sentiment, recently returned to the “Fear” zone with a value of 43. This indicates that the market is potentially oversold. Bitcoin recently recorded its worst month since mid-2023 and it looks like the leading crypto asset is on track to record another month in the red if it fails to reverse course.
