Peter Schiff Highlights Bearish Pattern Formation in BTC Price, Predicts Downside Target

Against the backdrop of Bitcoin’s price correction over the past week, renowned crypto critic Peter Schiff recently fired a jab at the world’s first digital currency, stirring a whirlpool of speculations among crypto market participants. In a post shared by the crypto critic today, Schiff spotlighted a bearish pattern in BTC’s chart, anticipating a downside for Bitcoin’s price ahead. This statement promptly gained significant traction across the broader crypto market as the crypto sector witnessed turbulent shifts following BTC-halving and the recent FOMC meeting.

Let’s delve deeper into why Schiff’s stance on BTC’s price action ahead is not so optimistic.

Schiff Warns BTC Price Dip To $54K Possible

According to Schiff’s post on X today, May 2, the latest analysis of Bitcoin’s short-term chart illustrates a paradigm shift in market sentiments post-halving. It’s plain to see that the crucial $60K support transitioned into a formidable resistance for Bitcoin. This has ignited a torrent of speculative buzz among investors surrounding the BTC price trajectory ahead.

Meanwhile, Schiff also pointed out the emergence of a short-term head-and-shoulders pattern within BTC’s chart, indicating a trend reversal from bullish to bearish. The crypto critic added that the head hovers just below the $60K mark, while the shoulders are positioned near $58.5K, and the neckline traces below $57K.

Aligning with this, Peter Schiff warns of a potential downturn in BTC’s price, with a downside target set at $54K. This pattern signals a possible reversal in Bitcoin’s recent bullish trajectory, prompting investors to exercise caution amid heightened market volatility due to the post-halving reaccumulation frenzy and yesterday’s FOMC meeting, which kept interest rates unchanged.

It’s worth noting that the crypto cryptic earlier proclaimed that BTC’s $60K support won’t hold for long. Concerning this, even today’s remarks have kept crypto market enthusiasts on their toes.

Also Read: U.S. Bitcoin ETF Outflows Surge Past $560 Million, More Pain Ahead?

Bitcoin Price Slips

As of writing, BTC’s price trajectory has illustrated a pullback in the past 24 hours, dipping 4.60%, reaching $57,443. The token’s market cap slipped 4.61%, reaching $1.13 trillion, whereas its 24-hour trading volume spiked 30.21%, reaching $49.47 billion.

Bitcoin’s price movement post-halving suggests that the token entered a reaccumulation phase. It is currently witnessing turbulent shifts, further propelled by yesterday’s FOMC meeting. This primarily attributes to the burgeoning concerns among investors, with Schiff’s remarks further weighing in. Nonetheless, traders and investors remain bullish on the token’s long-run price action as a post-BTC halving rally is yet to kick in.

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