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Bitcoin May Test Support Below $10,000 Due to This Pattern Forming: Peter Schiff

Mon, 08/15/2022 - 08:33
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Yuri Molchan
Regular Bitcoin opponent Schiff continues saying that BTC is likely to drop below $10,000; here are his arguments for it this time
Bitcoin May Test Support Below $10,000 Due to This Pattern Forming: Peter Schiff
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Prominent hater of Bitcoin and crypto in general, fund manager and podcaster Peter Schiff, again believes there are now signs suggesting that Bitcoin is likely to start dropping hard. He has taken to Twitter to share his thoughts on this.

"Minimum support will be tested below $10,000"

Goldbug Schiff has shared a chart to show that several bearish patters have formed on it, and he expects Bitcoin to plunge. The chart is showing the Double Top and Head & Shoulders Top for 2021 and now, Schiff says, and a Rising Wedge is forming. Falling Wedge and Rising Wedge are reverse patterns usually followed by an increase and decline in the price of an asset, correspondingly.

This time, Schiff warns that the Rising Wedge may take the flagship cryptocurrency down to test a support below the $10,000 level.

Related
Bitcoin Will Demonetize Gold, Says Michael Saylor

Schiff doubts new ATH will be reached

On Friday, Peter Schiff claimed in an interview with Kitco that the current Bitcoin price surge is a "sucker's rally" and that the leading cryptocurrency will hardly reach a new all-time high after it managed to top the $69,000 level almost a year ago — in November 2021.

Besides, as he believes that the amount of various cryptocurrencies is only going to rise, he does not see much difference between BTC and other digital tokens.

"Ominous combination" for Bitcoin

This is not the first time this year that Schiff has promised a Bitcoin fall to $10,000. If at the start of the year his forecast did not come true, then in May, he spotted an "ominous combination" of bearish patterns — again, the Double Top and Head & Shoulders pattern. Back then, Bitcoin traded in the $29,000 zone, staying in that range for a month until early June and then plunging to test $19,000.

Presently, Bitcoin is changing hands in the $24,000 zone, per CoinMarketCap.

Contrary to Peter Schiff, on Friday, in his interview with CNBC, head of SkyBridge Capital fund Anthony Scaramucci, a prominent Bitcoin supporter, suggested that BTC is likely to spike to the $300,000 level.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.