Famous economist and cryptocurrency skeptic, Peter Schiffwarned Bitcoin Bitcoin/USD holders of a potential decline if the coin fails to hold the $60,000 support level.
What happened: On Wednesday, Schiff took to Twitter to express his concerns about the future of Bitcoin. “This doesn’t sound like a good idea #HODLers. You guys have to hope #Bitcoin can hold $60,000. Otherwise it would be a long road down,” he tweeted.
See also: Dogecoin Could Outperform Bitcoin Thanks to Consolidation in Golden Pocket, Trader Says: ‘This is a Great Sign’
Bitcoin has gained more than 7% in the past seven days so far, and year-to-date the apex cryptocurrency is up more than 47%.
His tweet comes in the wake of Bitcoin’s recent consolidation, which has left investors wondering about his next move. Schiff, known for his critical views on Bitcoin, has previously criticized the cryptocurrency for its volatility and questioned its safe-haven status.
Because matter: According to a recent technical analysis, the $60,000 support level is crucial to Bitcoin’s bullish outlook. If the price drops below $60,000, there may be an opportunity to buy, especially if it is just a temporary or deceptive drop known as a “fakeout.”
In the past, Schiff has criticized Bitcoin for not being the “safe haven asset it’s advertised to be” after it tumbled 6% following jobless claims data, while gold rose 1.5%.
He also mocked Bitcoin holders after the recent halving, suggesting that they will soon experience a halving of their net worth.
Price Action: At the time of writing, Bitcoin is trading 3.7% lower at $64,177.19, according to data from Benzinga Pro.
Photo courtesy: Wikimedia Commons
Read next: Shiba Inu ‘Dogecoin Killer’ Burn Rate Skyrockets 2,212% as Robinhood Wallet Moves 3 Trillion SHIBs in Single Transaction
Designed by
Benzinga NeuroBy
Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system leverages Benzinga’s extensive ecosystem, including native data, APIs, and more to create rich, timely stories for you. Learn more.