Finance legends Peter Schiff, Anthony Scaramucci and Michaël van de Poppe updated their analysis after Bitcoin hit roughly $25,000. After the failed test that ended in a short time, experts are in two minds about which direction the next moves will be.
Peter Schiff points below $20,000 for Bitcoin bulls
Known for his anti-Bitcoin stance, Peter Schiff predicted that Bitcoin would start to drop hard again. “Minimum support will be tested below $10,000,” Schiff recently tweeted. The legendary investor shared the following technical chart for it. Schiff shows the double top and head and shoulders model for 2021 on the chart. He says that this formation has now turned into an ascending wedge. According to Schiff, Bitcoin price will head towards $10,000 from this formation.
Just to put the #Bitcoin rally into perspective, take a look at this chart. The pattern remains very bearish. There's both a double top and a head and shoulders top. There's a rising wedge forming below the neckline. At a minimum support will be tested below $10K. Look out below! pic.twitter.com/OHNhwsgxxs
— Peter Schiff (@PeterSchiff) August 14, 2022
Schiff isn’t sure if Bitcoin will ever reach ATH again. On Friday, he said in an interview that the current Bitcoin price surge is a “sucker rally.” He also claimed that he would never definitely see ATH again after it managed to surpass $69,000 last year.
Anthony Scaramucci presents an institutional-backed optimistic outlook for Bitcoin
The Skybridge founder made a good appearance in an interview with CNBC’s Capital Connection on Monday, noting two things going on on the “enterprise side” that would drive demand for Bitcoin. Scaramucci says the long-term prospect looks good. The veteran investor says that Bitcoin fundamentals look good in the long run, so there are factors that will create a “demand shock”.
Scaramucci warned that investors could be hurt right now. However, he added that this will change in the long run and that Bitcoin is a very large percentage below the ATH level:
Everyone is a long-term investor until they have short-term losses, but I think long-term fundamentals are pretty good.
He cited Scaramucci, Fidelity Investments and Blackrock for factors that would cause a “demand shock” for Bitcoin. The two institutions recently announced Bitcoin options on their services. Fidelity Investments will allow the option to save some funds in Bitcoin. Scaramucci briefly summarized this development in the interview:
Blackrock said that in addition to working with Coinbase on the Aladdin risk management program, they will offer their customers a special trust that will give them the opportunity to invest directly in Bitcoin.
Michaël van de Poppe sets Bitcoin’s ‘long-term’ watch position
Michaël van de Poppe shared his views on the correction after Bitcoin briefly surpassed $25,000. In his tweet dated August 15, he stated that there is no need to worry about Bitcoin as the correction is normal.
Additionally, he noted that despite the recent short-term bullish momentum, the market continues to be affected by the bearish mentality that is pushing BTC to experience short-term selling pressure. Poppe advises traders to watch the $23,800 and $23,000 levels for long positions. However, he urges investors to be cautious, as corrections can be repeated.
Some of Poppe’s analysis, which you follow on Kriptokoin.com, included:
Bitcoin consolidation was minor as we had a pretty decent uptrend last week. Very normal; nothing rises in a straight line. Taking profits with a bear mentality is still key. It is necessary to give people opportunities for HL to step in.
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