In the world of cryptocurrency, all eyes are currently on Bitcoin as its price continues to fluctuate. The latest prediction by investor Peter Schiff has caused quite a stir. Schiff believes that Bitcoin, with its current price of $64,148, will not be able to maintain its support level of $60,000 for long.
Schiff’s skepticism towards Bitcoin is rooted in his belief that the recent decline in gold prices has come to an end. While gold is currently selling at over $2,300 per share, which is higher than Schiff’s valuation of $2,000, he predicts that the resistance level at $2,400 will not last much longer.
In contrast to the gold market, Schiff anticipates a decline in Bitcoin prices. However, he is confident that the correction in the gold market is over.
This prediction has caught the attention of many investors who are closely watching the support level of $60,000. In the past 24 hours, Bitcoin has already fallen by 3.85%. While Schiff believes that the cryptocurrency has some support around $60,000, he doubts its ability to sustain this level given its current pricing.
It is worth noting that just a week ago, Schiff warned that if Bitcoin’s price fell below $60,000, it could potentially decline to about $20,000. Despite his bearish outlook on Bitcoin, it is interesting to see mixed sentiments surrounding the cryptocurrency.
Another crypto expert, Ali Martinez, has recently issued a warning to investors after observing a sell signal on the Bitcoin price chart. Martinez specifically pointed out the potential for Bitcoin to drop below the $65,500 mark, which would result in a significant decline in its value.
In other news, Binance has completed its 27th quarterly token burn. The burning of tokens is a process that aims to reduce the supply of a cryptocurrency, potentially leading to an increase in its value. Many are wondering if this move by Binance can push the price of BNB (Binance Coin) to reach $800.
