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As Bitcoin continues to face rising market volatility, economist Peter Schiff warns that the cryptocurrency could drop as low as $20,000. Schiff, a longtime Bitcoin skeptic, points to a possible "triple top" and increased concerns over the Federal Reserve's rate cuts.
Schiff Warns of $20K Bitcoin Crash
As market instability persists, Bitcoin (BTC) skeptic Peter Schiff has once again raised concerns about the cryptocurrency's future.
Schiff has recently made comments on X suggesting that Bitcoin could fall and that the cryptocurrency market is about to experience a significant decline. A "triple top" configuration, which he said the present price action resembles, typically indicates a negative reversal.
Bitcoin's Trend Line Points to $42K
Schiff, meanwhile, has stated that the rising trend line of the cryptocurrency indicates a decline to approximately $42,000. Furthermore, he stressed that this level may not be sustained for an extended period, implying that the cryptocurrency could experience additional declines, possibly hitting $15,000 to $20,000.
Notably, he has a reputation for being an outspoken opponent of cryptocurrencies, and he has maintained his position that the value of Bitcoin is inflated and cannot be sustained.
Comparing Bitcoin to Gold and Silver
Aside from comparing Bitcoin to precious metals, the economist also compared silver's recent run past $31 and gold's new record high of $2,586 in another recent post.
He underscored that the main cryptocurrency is falling short of its billing as "digital gold" or even "digital silver," implying that its outperformance days might be coming to an end.
Concerns about a further correction in the cryptocurrency market have been heightened by Bitcoin's recent drop below $58,000, Coingape shares.
Investors are hoping for a recovery after the flagship cryptocurrency surpassed the $60,300 level in the past 24 hours. Rising market volatility, however, has many worried about how this week's FOMC rate drop could affect the economy.
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