Renowned analyst Peter Schiff shares his bearish technical roadmap on BTC, and accordingly predicts a rapid Bitcoin crash. The famous BTC critic has bet that the cryptocurrency will fall once again. Details are on Kriptokoin.com.
“Bitcoin will go to the bottom”
Peter Schiff, one of the most famous Bitcoin (BTC) critics and known as the gold wolf, once again predicted the collapse of “digital gold” . But this time, the reason lies in the technical conditions of the flagship cryptocurrency. According to the chart shared by Schiff, Bitcoin is forming a strong bearish pattern called the “Double Top”. Schiff is ready to bet over $10,000. As the head of SchiffGold suggested, Bitcoin’s drop below $30,000 will almost instantly bring the cryptocurrency to $10,000 as nothing on the long-term chart is protecting Bitcoin from falling into the support zone mentioned above. But while the economist predicts a dip to the extreme lows, he thinks Bitcoin has a long way to go and could even hit the absolute low and lose all its value gained during the year.
Schiff’s analysis is one that usually marks the top of an uptrend. And it’s based on the widely known technical pattern called the “Double Top”, which is considered finished when the price drops below the “neckline” which currently stands at around $30,000. So how accurate is Schiff’s prediction? According to the weekly Bitcoin chart, the double top pattern is not as accurate as it should be. Adding to the low accuracy, the formation itself does not appear to be finished as Bitcoin has successfully bounced from $35,000 and recently reached $45,000.
Despite the reversal and falling to $42,000, the double top pattern on the weekly Bitcoin chart can already be considered flawed. Earlier, Peter Brandt had noticed that cryptocurrency creates another head and shoulders pattern. At the time of this writing, Bitcoin (BTC) is trading at $42,100 as it lost 8% of its value three days ago.
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