After an unexpected turn of events, Bitcoin has sunk below the $8.5k key resistance level and is now priced at $8,345 following a 14.07 percent loss over the past 24 hours.
The goldbug Peter Schiff sent a tweet in the late hours of yesterday slating bitcoin for losing so much of its value. The leading cryptocurrency fell from $9,700 to a low of $7,990 in hours, before recovering back up above the $8k mark at the time of writing.
#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!
— Peter Schiff (@PeterSchiff) September 24, 2019
Even though the correction occurred, the recovery was not enough for Schiff who claimed the shedding of $1.8k was just the beginning.
One enthusiast responded to Schiff’s above tweet saying that it was very bullish to call a $4k support as he responded:
“My guess is that it will bounce from that level as diehards by the dip. But long-term that level will not hold, and Bitcoin is headed much lower.”
The initial tweet didn’t bode well with some people in the space though as Anthony Pompliano from the banking giant, Morgan Creek said:
“??? stick to the jewelry, Pete!”
But all in all, enthusiasts will most likely be used to Schiff’s shenanigansby now.
It will be interesting to see how the bitcoin price plays out. Given its significant drop this past day, who knows where it will end up, all we can hope for is that Schiff isn’t proved right…
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