- Peter Schiff predicts Bitcoin may drop to $15,000–$20,000, citing a possible triple top pattern.
- Crypto Rover and Fred Krueger remain bullish, seeing Bitcoin as a potential disruptor to traditional banking.
Bitcoin continues to divide experts and influencers, with predictions ranging from bearish crashes to bullish rallies. According to Peter Schiff, a longtime critic of Bitcoin and enthusiast of gold, the outlook for BTC remains bleak.
Schiff commented on a chart, saying it appeared to show a triple top. He observed that the graph appeared substantially worse when Bitcoin was valued in gold.
According to him, Bitcoin was approaching the upward trend line at roughly $42,000, but he was skeptical that it would hold, anticipating a retest of the longer-term support between $15,000 and $20,000 instead.
Schiff’s analysis implies that Bitcoin’s recent price rises may be unsustainable, and he predicts a significant drop in value. His stance predicts a decrease to the $15,000-$20,000 level, which varies sharply with the crypto community’s more bullish expectations.
This looks like a triple top to me. The chart is even worse if you price #Bitcoin in #gold. At a minimum, Bitcoin is headed to the upward trend line at about $42K, but I doubt it will hold. A retest of longer-term support at $15K–$20K is more likely. Look out below. @saylor pic.twitter.com/d83NRh4Rx5
— Peter Schiff (@PeterSchiff) September 16, 2024
Optimistic Q4 Outlook Suggests Potential Bitcoin Bull Run
Crypto Rover, a crypto influencer, has a far more bullish outlook on the issue. According to the data he shared, the fourth quarter has traditionally been the most auspicious for Bitcoin, indicating the beginnings of big bull runs.
This optimism contrasts with Schiff’s projection and presents a positive view for Bitcoin investors, implying that the recent slump may be temporary. Rover’s analysis suggests that the market may soon witness a substantial bounce, particularly since the fourth quarter of the year traditionally brings increased activity for BTC.
Bitcoin is currently trading at around $58,182.65, down 3.35% over the last 24 hours. This decrease comes after several days of bullish activity, although the market appeared to be disturbed by external news events.
On September 15, as we previously reported, the second attempted assassination of former US President Donald Trump occurred as he was playing golf at his West Palm Beach course.
Although the incident had no direct impact on the market, moments of political instability are frequently accompanied by unanticipated market reactions, prompting some analysts to attribute a portion of Bitcoin’s loss to this unpleasant event.
On the other hand, CNF has revealed forecasts from mathematician Fred Krueger, who remains bullish on the BTC future. Krueger predicts a large surge of up to 1,000%, with Bitcoin potentially replacing existing banks and government-controlled monetary systems.
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