Peter Schiff highlights crucial support level for Bitcoin

The cryptocurrency market experienced a sharp drop recently amid geopolitical tensions in the Middle East over the weekend. However, following a reduction in tension between the countries and the approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong on April 15, Bitcoin managed a notable recovery, propelling its price above the U.S. $66,000.

Analyzing the current scenario, Peter Schiff, a gold supporter and Bitcoin skeptic, shared a prediction about the movement in the price of the largest cryptocurrency. In his analysis, Schiff emphasized that the $60,000 zone is a crucial support level for BTC.

According to Schiff, if the largest cryptocurrency on the market were to experience a decisive break below the highlighted level, it could establish a “triple top” pattern, potentially taking the price to a sharp drop to the $20,000 zone. He recalled that a drop of this degree would lead companies like MicroStrategy to very significant losses due to holding a huge amount of BTC tokens.

“$60K is critical support for Bitcoin. A decisive break below this level will create a formidable triple top. The immediate negative projection is a move to $20,000. At this price, $MSTR will have an unrealized loss of $2.7 billion on 214K Bitcoin purchased at an average price of $34K.”

$60K is critical support for #Bitcoin. A decisive break below that level will create a formidable triple top. The immediate downside projection is a move to $20K. At that price $MSTR will have a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K. pic.twitter.com/F1P0NpLS3X

— Peter Schiff (@PeterSchiff) April 14, 2024

At the time of publication, the price of Bitcoin was quoted at US$66,095.33, up 0.2% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$32,603,720,976. Over the past seven days, BTC has fallen 10.6%.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.