2024-9-18 17:55 |
Bitcoin continued to trade subdued early Tuesday, with the leading cryptocurrency struggling to regain momentum after dipping to $57,658 on Monday. This drop came from a failed attempt to break through the $61,000 resistance level last week.
The continued price consolidation has led some critics to forecast a more significant downturn, with long-time Bitcoin skeptic Peter Schiff sounding a stark warning of a potential deeper correction.
Schiff, an economist and avid supporter of gold, shared his bearish outlook on X (formerly Twitter) on Sep 16. Schiff pointed to a potential “triple top” formation in Bitcoin’s price chart, a pattern typically associated with a reversal in trends.
“At a minimum, Bitcoin is headed to the upward trend line at about $42,000, but I doubt it will hold. A retest of longer-term support at $15K–$20K is more likely. Look out below.” Wrote Schiff. His projection of a retest in the $15,000 to $20,000 range signals a potential 75% decline from Bitcoin’s current price levels.
Notably, Schiff’s outlook is grounded in his belief that Bitcoin’s performance worsens when measured against gold, a comparison he frequently makes to argue that gold remains a better store of value.
In a separate tweet, Schiff emphasized this point, stating, “Bitcoin is not digital gold; it’s not even digital silver.” He highlighted that while silver surged above $31, Bitcoin was on the verge of breaking below $59,000.
Meanwhile, Schiff’s warnings of a deeper correction reflect that of popular analyst Ali Martinez. On Monday, Martinez cautioned that a deeper analysis of Bitcoin’s MVRV Momentum shows the cryptocurrency has been on a downward trajectory since dipping below $66,750 in June. With no clear signs of a reversal, the pundit suggested the bearish trend may continue in the near term.
However, not all market participants share the bearish outlook. Prominent crypto analyst Gert van Lagen remains optimistic, pointing to Bitcoin’s much-discussed broadening wedge pattern as a signal for potential bullish momentum.
“BTC [1W] Step-like formation Update: Bitcoin is forming an ascending broadening wedge at Base 4, which breaks to the upside 79% of the time. In 67% of cases, it’s a continuation pattern with an upward trend. Target zone ~$300K at the sell line,” van Lagen wrote.
Elsewhere, amid Bitcoin’s price consolidation, on-chain metrics offer an optimistic outlook. Data from CryptoQuant shows that both new and long-term Bitcoin holders continue to accumulate the asset despite recent declines. According to the firm, new whales, who have held Bitcoin for less than 155 days, are down 3.28% but remain confident in their positions. Meanwhile, older whales, with over 115% profits, signal a strong long-term bullish sentiment for the crypto asset.
Bitcoin was trading at $60,167 at press time, reflecting a 4.57% increase over the past 24 hours.
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