Peter Schiff Names New Bearish Target for Bitcoin Price
Peter Schiff believes that the price of Bitcoin is going to slide to $54,000 in the short term
Peter Schiff has stated that the $54,000 level is going to be the next downside objective for Bitcoin, the leading cryptocurrency.
According to the gold bug, Bitcoin has formed a bearish head and shoulders pattern, with the "neckline" of the pattern being just below $57,000.
CoinGecko data shows that the flagship cryptocurrency is currently trading at $57,770 after previously sinking to an intraday low of $56,637.
Bitcoin has slumped more than 21% from its record peak of $73,737, which was achieved on March 14.
The cryptocurrency has been under strong bearish pressure over the past week due to disastrous exchange-traded fund outflows. In April, Schiff predicted that ETF issuers would end up facing a "legal nightmare" due to losses.
On the macro front, recent statements made by Federal Reserve Chairman Jerome Powell briefly managed to push the Bitcoin price above the $59,000 level.
