An experienced market analyst has sounded a note of warning that Bitcoin could soon drop to as low as $59,000 as the crypto reaches its cycle peak.
According to CryptoPotato, Peter Schiff, a successful American stockbroker and Bitcoin critic, warned that the current price level of Bitcoin won’t hold as the coin has reached its cycle peak.
He identified $60,000 as a key resistance level and warned of a significant potential decline if this is not overcome.
Bitcoin’s price has been hovering around $64,000-$67,000 in the past few days. Crypto enthusiasts believe a rally is coming due to the halving event that just took place last weekend in the United States.
However, some analysts are forecasting bearish trends for Bitcoin. An example is a popular crypto influencer and Trader, Ali Martinez, who believes a further plunge below $63,300 may trigger a price downfall to $61,000 or even a two-month low of $59,000.
Another crypto trader known as Mikybull Crypto tweeted on X that he is afraid the leading digital asset has reached its cycle top and could only retreat from now.
Schiff, one of the harshest critics of Bitcoin, claims that the asset’s current condition is not looking good for bitcoin holders. He pinpointed the $60,000 level as a major resistance zone, or otherwise, BTC is going a long way down.
This is not the first time Peter Schiff has predicted doom for Bitcoin, He recently predicted that the approval of the spot Bitcoin Exchange Traded Funds (ETF) by the United States SEC would halt the BTC rally.
However, the price of BTC has rebounded from $46,000 when the SEC approved the Spot Bitcoin ETF to $64,000 at the time of filling this report.
What to know
- The Bitcoin halving event, which means a reduction by half of what Bitcoin miners are paid, is the most significant event to happen in the Bitcoin space this month. The general belief is that this event always sparks a bullish run in the long term and is openly celebrated by the crypto world.
- The Bitcoin Halving event has had little impact on Bitcoin price besides a $65,000 price high over the weekend of the halving.