Analysts Bullish On Bitcoin Despite Peter Schiffās $20,000 Doom Scenario
Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes. With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the āHalvingā event.
Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions regarding spot Bitcoin ETFs (exchange-traded funds) were correct and presented the possibility of a doom drop for BTC.
Peter Schiffās Doomsday Prediction For Bitcoin
Back in March, known Bitcoin opposer Peter Schiff asserted what he thought was the problem with Bitcoin ETFs. According to the economist, the problem with owning these investment products was that liquidity was limited to US market hours, which would mean that investors could not sell if the market crashed overnight.
As I warned if #Bitcoin starts selling off tonight, #BitcoinETF owners can do nothing but watch and wait until the NYSE opens tomorrow morning. In the meantime it will be a long night hoping that Bitcoin doesnāt crash before they have a chance to sell. https://t.co/GfLtl6Wc1S
ā Peter Schiff (@PeterSchiff) April 14, 2024
On Sunday afternoon, Schiff claimed that, as he previously warned, Bitcoin ETF owners would be helpless if the flagship cryptocurrency started selling off that night. BTC traded around $63,460 at the time of his post and recovered in the following hour to trade above the $65,000 support level.
Earlier that day, Schiff had warned of a critical support zone for BTC. To the economist, breaking below $60,000 could ācreate a formidable triple top.ā This trend reversal could lead to an āimmediate downside projectionā of $20,000.
Following his dooming scenario, Schiff stated that, at that price, MicroStrategy would āhave a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K.ā Additionally, he believesĀ that BTCās price could increase ābefore it crashes.ā
Analysts Unfazed By BTCās Correction
Several analysts concurred that the correction was a āminor dropā in the macro picture. According to MacroCRG, Bitcoinās chart ālooks incredible.ā The analyst stated: āThey threw a full-on war at her and all it managed to do was wick the range low.ā
Similarly, trader and analyst Rekt Capital considers that BTC āsuccessfully protected the Range Low of its Re-Accumulation Range as the week of the Bitcoin Halving begins.ā
Per the analystās chart, Bitcoin is at the āLast Pre-Halving Retraceā during the āPre-Halving Rally.ā If history is to repeat itself, after April 19, BTC will enter the āRe-Accumulationā phase before experiencing the āPost-Halving Parabolic Upside.ā
Bitcoin phases during the "Halving" event. Source: Rekt Capital on X
Moreover, Crypto Jelle urged investors to ānot get shaken outā as BTC is āconsolidating above the previous cycle highs.ā The analyst and investor reaffirmed his prediction of $82,000 after the upcoming āHalvingā event.
However, Jelle also set a higher target for this bull cycle. The bullish megaphone pattern on BTCās chart āstill has a pattern of $180,000ā despite the recent correction, as stated in the post. The analyst claims he wouldnāt be surprised āif the meme pattern plays out once again.ā
The correction caused BTC to register bleeding numbers for several periods. The biggest cryptocurrency exhibits an 8.4% and a 3.1% dip in the weekly and monthly timeframes. Similarly, BTCās market activity has decreased by 32.1% in the past day, with a trading daily volume of $42.56 billion.
Nonetheless, Bitcoin has recovered 3.5% from its price 24 hours ago, currently trading at $66,275. Since the lowest point of this correction, BTC has surged 10.3%.
Bitcoin's performance on the three-day chart. Source. BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
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