Peter Schiff Predicts Bitcoin (BTC) Price Drop to $1,000 USD
- Peter Schiff predicts fall of Bitcoin to $1000 USD
- BTC/USD bearish squeeze risking a drop towards $7,200 USD.
Bitcoin’s drop to $7,300 USD from over $8,100 USD, did not get the community or media as hyped, as the wild swings have become a normal occurrence in the market. However, the “sudden” drop in BTC/USD is a cause for celebration for one heavily invested gold bug, Peter Schiff, who once again called for $1000-BTC.
Peter Schiff Predicts Fall of Bitcoin to $1000 USD
The accelerated downtrend in Bitcoin’s price since the Chinese spike caused by positive comments on blockchain from the President, Xi Jinping, is falling to dangerous levels as resistance turns to support.
According to a tweet sent out by CEO of Euro Pacific Capital, Peter Schiff, the price of BTC may slide down towards the $1,000 region if a complete head and shoulders pattern forms on the daily charts.
#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.
— Peter Schiff (@PeterSchiff) November 21, 2019
With the price oscillating around the $7,500 USD level in the past few hours, BTC/USD is in big trouble if price closes below support levels at $7,200 USD. Crossing below the neckline will confirm the completion of the head and shoulders pattern, signaling bearish momentum on the pair.
For those who can't visualize the potential head-and-shoulders top in Bitcoin maybe a picture will help. Very ominous if the pattern completes. pic.twitter.com/fCXvBcFf7B
— Peter Schiff (@PeterSchiff) November 21, 2019
BTC/USD risking a drop towards $4,000’s
The formation of a head and shoulders pattern spells doom for BTC perma bulls signaling a very bearish trend coming up. While Peter’s $1,000 USD prediction may be a bit too drastic, a fall towards the $4,000 support levels looks set on the cards.
A close below $7,288 USD major support level may effectively begin one of the worst runs in BTC’s price in 2019. Furthermore the Ichimoku cloud predicts a potential bearish run in the coming days as the lead makes a bearish cross with the lagging line.
With the market experiencing a sour moment, a number of traders are calling out to bulls to reawaken the anticipatory Q4 strength that the community but the technical signs tell otherwise.
Images from TradingView
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