Over the weekend, the Bitcoin (BTC) crash put the crypto community on guard. With the price dropping to $60,000, many investors feared that the flagship cryptocurrency would be in trouble ahead of the “halving” event.
Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions for Bitcoin spot ETFs (exchange-traded funds) were correct and presented the possibility of a catastrophic fall for BTC.
Peter Schiff's doomsday prediction for Bitcoin
Last March, Peter Schiff, a known Bitcoin opponent, stated what he believed to be the problem with Bitcoin ETFs. According to the economist, the problem with owning these investment products was that liquidity was limited to market hours in the United States, which would mean that investors would not be able to sell if the market collapsed overnight. the following day.
As I warned if #Bitcoin starts selling out tonight, #BitcoinETF owners can do nothing but watch and wait for the NYSE to open tomorrow morning. In the meantime, it'll be a long night hoping that Bitcoin doesn't collapse before it has a chance to sell.
-Peter Schiff (@PeterSchiff) April 14, 2024
On Sunday afternoon, Schiff claimed that, as he previously warned, Bitcoin ETF owners would be helpless if the flagship cryptocurrency began selling off that evening. BTC was trading around $63,460 at press time and recovered within the next hour to trade above the $65,000 support level.
Earlier in the day, Schiff had warned of a critical support zone for BTC. For the economist, a move below $60,000 could “create a formidable triple top”. This trend reversal could lead to an “immediate bearish projection” of $20,000.
Following his doomsday scenario, Schiff said that at this price, MicroStrategy “would have an unrealized loss of $2.7 billion on 214,000 Bitcoins acquired at an average price of $34,000.” Moreover, he believes that the price of BTC could rise “before it collapses”.
Analysts are not perturbed by the BTC correction
Several analysts agreed that the correction constituted a “minor decline” in the macroeconomic situation. According to MacroCRG, Bitcoin’s chart “looks incredible.” The analyst declared: “They launched an all-out war on her and all she managed to do was narrow the scope.”
Likewise, trader and analyst Rekt Capital considers that BTC “managed to protect the lower end of its reaccumulation range as Bitcoin’s halving week begins.”
According to the analyst’s chart, Bitcoin is at the “last comeback before the halving” during the “pre-halving rally.” If history is to repeat itself, after April 19, BTC will enter the “reaccumulation” phase before experiencing the “post-halving parabolic rise.”
Bitcoin phases during the "Halving" event. Source: Rekt Capital on X
Additionally, Crypto Jelle exhorted Investors should “not get rattled” as BTC “consolidates above previous cycle highs.” The analyst and investor reaffirmed his forecast of $82,000 after the upcoming “Halving” event.
However, Jelle also together a higher target for this bull cycle. The megaphone uptrend on BTC's chart “still trends $180,000” despite the recent correction, as noted in the article. The analyst says he wouldn't be surprised “if the meme pattern repeated itself.”
The correction caused BTC to record bleeding figures for several periods. The largest cryptocurrency shows a decline of 8.4% and 3.1% in the weekly and monthly periods. Likewise, BTC market activity decreased by 32.1% over the past day, with a daily trading volume of $42.56 billion.
Nonetheless, Bitcoin has recovered 3.5% from its price 24 hours ago, currently trading at $66,275. Since the lowest point of this correction, BTC has surged 10.3%.
Bitcoin's performance on the three-day chart. Source. BTCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
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