Bitcoin’s price has experienced a 3.85% drop in the past 24 hours, currently sitting at $64,148. This decline has sparked a trending comment from renowned investor Peter Schiff, who doubts that Bitcoin can maintain its crucial support level of $60,000. Schiff’s skepticism stems from his belief that the recent correction in gold prices has come to an end. Despite being valued at over $2,300 per share, Schiff believes that gold’s resistance level of $2,400 will soon dissipate.
Comparing Bitcoin to the gold market, Schiff anticipates a decline in Bitcoin prices while asserting that the correction in the gold market has concluded. However, all eyes are on Bitcoin’s key support level, which Schiff believes is around $60,000. Nevertheless, he also believes that the cryptocurrency will struggle to maintain this level for an extended period due to its current pricing.
Interestingly, just one week prior to this forecast, Schiff had warned that if the price dropped below $60,000, Bitcoin could potentially decline to around $20,000. Despite maintaining his bearish outlook on Bitcoin, it is worth noting that the sentiment surrounding BTC has become more mixed.
Adding to the cautionary voices, crypto expert Ali Martinez has recently issued a warning to investors after spotting a sell signal on the Bitcoin price chart. Martinez specifically highlighted the potential for Bitcoin to fall below the $65,500 mark, which could result in a significant decline in the cryptocurrency’s value.
In other crypto news, Binance has completed its 27th quarterly token burn. The burning of tokens could potentially impact the value of BNB, with speculations arising about the possibility of it reaching $800.