Bitcoin’s bearish triple top hints at a price decline.
Schiff warns of a potential drop to $15,000-$20,000.
Key support levels are crucial for Bitcoin’s future price action.
Bitcoin’s price action is flashing warning signs, showing similarities to a bearish triple top pattern. This pattern hints at a possible decline, especially when viewed in the context of gold.
According to Peter Schiff, Founder of SchiffSovereign, Bitcoin is likely to test the upward trend line near $42,000, though this level might not hold. A deeper correction to the longer-term support levels, between $15,000 and $20,000, seems a more likely trend.
This looks like a triple top to me. The chart is even worse if you price #Bitcoin in #gold. At a minimum, Bitcoin is headed to the upward trend line at about $42K, but I doubt it will hold. A retest of longer-term support at $15K–$20K is more likely. Look out below. @saylor pic.twitter.com/d83NRh4Rx5
— Peter Schiff (@PeterSchiff) September 16, 2024
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