Over the weekend, the Bitcoin (BTC) crash kept the crypto community in suspense. As the price fell to $60,000, many investors feared that the flagship cryptocurrency was in trouble ahead of the “halving” event.
Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions on spot Bitcoin exchange-traded funds (ETFs) were correct and presented the possibility of a doomsday decline for BTC.
Peter Schiff's doomsday prediction for Bitcoin
Back in March, well-known Bitcoin opponent Peter Schiff claimed what he thought was the problem with Bitcoin ETFs. According to the economist, the problem with owning these investment products was that liquidity was limited to US market hours, meaning investors could not sell if the market collapsed overnight.
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As I warned, if #Bitcoin starts selling tonight, #BitcoinETF holders can do nothing but watch and wait until the NYSE opens tomorrow morning. In the meantime, it will be a long night hoping that Bitcoin doesn't crash before they have a chance to sell. https://t.co/GfLtl6Wc1S
– Peter Schiff (@PeterSchiff) April 14, 2024
On Sunday afternoon, Schiff claimed that, as he previously warned, Bitcoin ETF holders would be helpless if the flagship cryptocurrency's selloff began that night. At the time of his post, BTC was trading at around $63,460 and recovered in the following hour to trade above the $65,000 support level.
Schiff had previously warned of a critical support zone for BTC. According to the economist, a break below $60,000 could “create an impressive triple top.” This trend reversal could lead to an “immediate downside forecast” of $20,000.
Following his disastrous scenario, Schiff explained that at that price, MicroStrategy would “incur an unrealized loss of $2.7 billion on 214,000 Bitcoins purchased at an average price of $34,000.” Additionally, he believes BTC’s price could rise “before it crashes.”
Analysts are unfazed by the BTC correction
Several analysts agreed that the correction represented a “marginal decline” in the macroeconomic picture. According to MacroCRG, Bitcoin’s chart “looks incredible.” The analyst explained: “They threw a fierce war at them and all it did was keep the range down.”
Similarly, trader and analyst Rekt Capital believes that BTC “successfully protected the range low of its re-accumulation range at the start of the Bitcoin halving week.”
According to analyst chart, Bitcoin is at “last retracement before halving” during “pre-halving rally.” If history repeats itself, BTC will enter the “new accumulation” phase after April 19 before experiencing the “post-halving parabolic uptrend.”
Bitcoin phases during the “Halving” event. Source: Rekt Capital on X
Additionally, Crypto Jelle urged investors “not to be rattled” as BTC “consolidates above previous cycle highs.” The analyst and investor reiterated his $82,000 forecast following the upcoming “halving” event.
However, Jelle has also set a higher goal for this bull cycle. The bullish megaphone pattern on the BTC chart is “still showing a $180,000 pattern” despite the recent correction, as the post states. The analyst claims he wouldn't be surprised “if the meme pattern plays out again.”
The correction caused BTC to post bleeding numbers over several periods. The largest cryptocurrency is showing a decline of 8.4% and 3.1% on the weekly and monthly time frames. Likewise, BTC market activity has declined by 32.1% over the past day, with a daily trading volume of $42.56 billion.
Nevertheless, Bitcoin has recovered 3.5% from its price 24 hours ago and is currently trading at $66,275. Since the bottom of this correction, BTC is up 10.3%.
Bitcoin's performance on the three-day chart. Source. BTCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
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