Peter Schiff Shares Crucial Bitcoin Support Level, Warns About BTC Price Drop

Analyst Peter Schiff expressed concern for Bitcoin holders. In his latest post on X, he suggested that they should hope that Bitcoin can maintain its price above $60,000 to avoid significant declines. 

He pointed out that while seasoned Bitcoin enthusiasts are accustomed to substantial price drops, newer investors who hold Bitcoin through ETFs may face unexpected challenges if prices decline.

"Not for long," Shiff replied to a comment, pointing to a BTC price still at $64K.

Post-halving muddle

After the passing of the halving event, Bitcoin has been stalling around the $64K-$66K price range. According to IntoTheBlock, Bitcoin is currently striving to establish $66,000 as support, with 1.54 million addresses owning 747,000 BTC at this level. 

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Tue, 04/23/2024 - 14:38

MicroStrategy's Michael Saylor Reacts as Bitcoin Price Stalls Near $66,000

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If successful, the next resistance lies between $69,900 and $71,200. Bitcoin encountered a hurdle near $67,220 after continuous gains and is now trading at $66,120, down 0.12% in the last 24 hours.

“It’s a failure”

Peter Schiff has been a long-time critic of Bitcoin and other cryptocurrencies. He recently noted that the cost of a single Bitcoin transaction reached $128. 

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Mon, 04/22/2024 - 06:46

Peter Schiff Comes Up with New Reason Why Bitcoin Is a Failure

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Shiff believes this makes it impractical for most transactions and undermines its viability as a digital currency. 

"The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It's a failure," Schiff remarked.