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Experienced Analysts Peter Brandt and Peter Schiff Assess Recent Bitcoin Price Decline and Share Projections
Renowned analysts Peter Brandt and Peter Schiff recently evaluated the latest downturn in Bitcoin, cautioning investors about potential further setbacks.
Author: Elif Azra Güven
04.07.2024 – 20:02
Update:
11 seconds ago
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Bitcoin faced a significant decline today amidst the prevailing negative sentiment in the cryptocurrency sphere, exacerbated by substantial sell-offs from the German government and major BTC holders.
During this descent, BTC tumbled to $56,800, prompting insights from industry analysts.
Expressing concerns that Bitcoin and the broader market have hit critical junctures, analysts are advising investors to brace for additional declines.
Seasoned analyst Peter Brandt underscored in his recent communication that Bitcoin is perched at a pivotal juncture, signaling the potential for an extended downturn.
Brandt highlighted the emergence of a bear flag pattern, a significant bearish formation in the Bitcoin realm, suggesting the possibility of heightened downward movement if this pattern materializes.
Moreover, Brandt implied that this pattern indicates further potential slippage in Bitcoin’s valuation.
Notably, Bitcoin skeptic Peter Schiff wasted no time chiming in on the discussion!
Schiff asserted that should BTC fail to maintain crucial support levels, a sharp price drop can be anticipated, specifically pointing to the 200-day SMA on the chart.
Schiff’s remarks, though pessimistic, coincide with a broader market weakness; yet, the Relative Strength Index (RSI) hovering at 30.8 depicts Bitcoin’s proximity to the oversold territory, hinting at a probable short-term rebound.
As illustrated by the current scenario, #Bitcoin faces a critical support threshold. Failure to uphold it could lead to a substantial downturn. Be vigilant.
pic.twitter.com/uP9I24dILI
— Peter Schiff (@PeterSchiff)
July 4, 2024
*This is not financial advice.
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