Bitcoin Selloff Just Getting Started? Gold Bull Peter Schiff Spots Bearish Technical Pattern As BTC Drops Below $60K
Portfolio Pulse from Shanthi Rexaline
Bitcoin (BTC) is experiencing a downward trend, dropping below $60K, with Peter Schiff identifying a bearish head-and-shoulders pattern suggesting a potential fall to $54K. Despite the Federal Reserve's decision to maintain interest rates, which has strengthened the U.S. dollar and weakened Bitcoin, opinions on Bitcoin's future price remain divided. While Schiff predicts a continued sell-off, others see the current dip as a buying opportunity, citing historical surges following similar market conditions.
May 02, 2024 | 7:03 am
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Bitcoin's price is under pressure, dropping below $60K with a potential further decline to $54K as indicated by a bearish head-and-shoulders pattern identified by Peter Schiff.
The identification of a bearish head-and-shoulders pattern by a notable crypto skeptic, Peter Schiff, coupled with the Federal Reserve's decision to maintain interest rates, which has strengthened the U.S. dollar against Bitcoin, suggests a potential short-term decline in Bitcoin's price. However, the divided opinion among analysts and historical data suggesting possible rebounds from similar dips introduces uncertainty into the exact trajectory.
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