Bitcoin Critic Peter Schiff Warns BTC’s $60K Support Won’t Hold

Renowned economist and crypto critic Peter Schiff has taken a jab at Bitcoin (BTC). He believes that the leading digital asset by market capitalization won’t hold up at its psychologically important support level of $60,000.

Peter Schiff Pitches Gold Above BTC

The Bitcoin critic started his post by first speculating that gold’s pullback is over. The traditional asset is currently trading at a little above $2,300 but for Schiff, this value is like its new $2,000. He perceives a resistance level for gold at $2,400 which he believes is not likely to stay for long. Schiff noted that Bitcoin is a contrast to the outlook of gold.

While he strongly believes that the pullback of gold is likely over, the stockbroker sees the beginning of BTC’s pullback.

At the time of this writing, the top crypto was trading at $64,469.39 with a 0.77% price drop in 24 hours. This current price level suggests to Schiff that Bitcoin has support at $60,000 but much more, he doesn’t see the coin sustaining this level for a long time.

This new prediction comes just about one week after the critic stated that a break below the $60,000 mark could trigger a downward spiral to about 20,000.

Opposing Views on Bitcoin Price

Even though Peter Schiff has remained pessimistic about BTC, it is worth noting that the coin is currently displaying a mix of sentiments.

Popular crypto analyst, Ali Martinez recently identified a sell signal on the Bitcoin price chart, causing him to issue a cautionary warning to investors. Precisely, he pointed out BTC’s ability to dip below the $65,500 level, a move that would amount to a massive crash for the coin.

Meanwhile, Willy Woo, another seasoned analyst, was quick to counter Martinez’s Bitcoin stance by offering a more optimistic perspective on the BTC price trajectory. He highlighted the plunge in Bitcoin’s inflation rate, which has now gone below gold’s. Therefore, Woo perceives the potential for Bitcoin’s market capitalization to outperform that of gold.

Woo’s stance is mirrored in the prediction made by some co-founders on Glassnode. These analysts pointed out a possible surge to $72,000 and highlighted the 50-day Exponential Moving Average (EMA) at $62,000 as a key support level. Consequently, a strategic approach of utilizing short-term dips in BTC’s price as valuable buying opportunities was suggested for investors.