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- Renowned economist Peter Schiff, also known as “Altın Böcek”, has revised his bearish Bitcoin (BTC) prediction.
- Schiff had earlier stated that a Head and Shoulders (H&S) pattern was forming on the Bitcoin chart, which could potentially bring the price down to $54,000.
- However, contrary to his prediction, Bitcoin experienced a surge on May 3rd, prompting Schiff to update his analysis.
Peter Schiff, a well-known economist, revises his bearish Bitcoin prediction after the cryptocurrency defies his forecast and surges in value. Schiff maintains that the $60,000 resistance level still poses a risk.
Schiff’s Revised Bitcoin Prediction
Despite acknowledging his incorrect prediction, Schiff still insists that the $60,000 level continues to act as resistance for Bitcoin. He warns that if this level is not breached, the cryptocurrency could still experience a downturn. In his updated analysis, Schiff stated: “The neckline was never broken, so this pattern was never completed. Instead, Bitcoin rallied. However, I still think that $60,000 is resistance and should limit the rally.”
Bitcoin’s Performance Contrary to Schiff’s Prediction
Contrary to Schiff’s bearish outlook, Bitcoin experienced a surge in the early hours of May 3rd. This unexpected rally led Schiff to revise his analysis and admit his incorrect prediction. Despite this, he maintains his stance that the $60,000 resistance level still poses a significant risk to Bitcoin’s upward trajectory.
Continued Skepticism Towards Bitcoin
Schiff’s skepticism towards Bitcoin is not new. He has consistently voiced his doubts about the cryptocurrency’s long-term viability and value. Despite the recent surge in Bitcoin’s price, Schiff remains steadfast in his belief that the cryptocurrency is a risky investment. His continued warnings about the $60,000 resistance level reflect his cautious approach towards Bitcoin.
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Conclusion
In conclusion, despite Bitcoin’s recent surge, Peter Schiff maintains that the cryptocurrency still faces significant risks. His focus on the $60,000 resistance level suggests that he believes Bitcoin’s upward trajectory may be limited. Whether his revised prediction will prove accurate remains to be seen.
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