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.
Gamza KhanzadaevAs reported by U.Today, Schiff recently opined that the Bitcoin price was "definitely" in a bear market after the top coin plunged 20% from its record peak.
The largest cryptocurrency is currently facing its do-or-die momentum, according to Schiff.
Succumbing to greed
In the meantime, the Crypto Fear & Greed Index, a pivotal gauge of cryptocurrency investor sentiment, recently plunged back into the "Fear" territory with a reading of 43. This indicates that the market is potentially oversold.
Bitcoin recently recorded its worst month since mid-2023, and it seems like the flagship cryptocurrency is on track to record another month in the red unless it manages to reverse course.
Tomiwabold Olajide
Yuri Molchan
Dan Burgin
Vladislav Sopov