Peter Schiff Warns Bitcoin Hodlers: ‘It’s A Long Way Down’ If King Crypto Can’t Hold $60K
Loading… Loading…
Renowned economist and cryptocurrency skeptic, Peter Schiff, warned Bitcoin BTC/USD holders of a potential drop if the coin fails to hold the $60K support level.
What Happened: On Wednesday, Schiff took to Twitter to express his concerns about Bitcoins future. Its not looking good #HODLers. You guys need to hope #Bitcoin can hold $60K. Otherwise its a long way down, he tweeted.
See Also: Dogecoin Could Outperform Bitcoin Thanks To Consolidation In The Golden Pocket, Says Trader: This Is A Very Good Sign
Bitcoin has gained over 7% so far in the last seven days and since the year began the apex cryptocurrency has shot up over 47%.
His tweet comes in the wake of Bitcoins recent consolidation, which has left investors questioning its next move. Schiff, known for his critical views on Bitcoin, has previously slammed the cryptocurrency for its volatility and questioned its status as a safe haven asset.
Why It Matters: According to a recent technical analysis, the $60,000 support level is crucial for Bitcoins bullish outlook. If the price drops below $60,000, there might be a chance to buy, especially if its just a temporary or deceptive decline known as a fakeout.
In the past, Schiff has criticized Bitcoin for not being the safe haven asset its promoted to be after it tanked 6% following jobless claims data, while gold rose 1.5%.
He also mocked Bitcoin holders after the recent halving event, suggesting that they will soon experience a halving of their net worth.
Price Action: At the time of writing, Bitcoin traded 3.7% lower at $64,177.19, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
Read Next: Dogecoin Killer Shiba Inu Burn Rate Skyrockets 2,212%, As Robinhood Wallet Moves 3 Trillion SHIB In A Single TransactionEngineered by Benzinga Neuro , Edited by Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more. Loading… Loading… Market News and Data brought to you by Benzinga APIs
2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
