Peter Schiff: Bitcoin will fall to zero sooner or later
March 29, 2023 3:24 pm
The image is significantly more powerful in the 4-hour time frame. The value of bitcoin has rapidly increased and has easily surpassed the $25,211 mark. Of course, the “black swan” of the American banking crisis and the Fed’s emergency steps to keep the system functioning did not go unnoticed. Now, the growth can proceed with a minimum target of $29,750. No signs of a pullback or a downward correction have been seen as of yet. Despite being very near the Ichimoku cloud, the price could not even break through.
In the previous article, we discussed how institutional investors are once again beginning to purchase bitcoin coins. However, some people continue to be critical of bitcoin and view it with skepticism. Peter Schiff, a well-known investor and expert, is one example. This week, he once again predicted that bitcoin, which, in his words, “is worth nothing,” would soon crash. “Bitcoin will still tend to zero, it will just be a long way to fall,” Schiff said on his Twitter account. Although Schiff’s predictions are rarely realized, they should be acknowledged. For instance, he advised everyone to throw away their coins at the very beginning of the American financial crisis and foresaw further bankruptcies in the sector. Now, however, we can see that cryptocurrency traders took advantage of this problem to make new investments in bitcoin, which makes sense given that the banking industry experienced a cash outflow. As a result, if more banks fail, the price of bitcoin will likely increase once more because investors will need to find new places to put their money to invest as their trust in the banking system will decline.
Meanwhile, Bloomberg expert Mike McGlone predicts that in 2023, investors will prioritize bitcoin and gold. The independence of bitcoin from the conventional financial system, which has recently been unstable and is capable of influencing the exchange rate of fiat currency, was just mentioned by Mr. McGlone. The expert predicted that as the state of the economy worsens, more and more investors will turn their attention to government bonds, gold, and bitcoin. In addition, he said that given the current state of uncertainty around the world, the rise in the value of the first cryptocurrency can be seen as a sign of hope.
The bitcoin cryptocurrency has begun a new cycle of upward movement in a 4-hour timeframe, and we suggest purchasing if the level of $25,211 is overcome. So, with a target of $29,750, long positions can now be maintained. Overcoming this level calls for new long positions with a $34,267 target. Sales on the “bullish” trend are irrelevant, but if the price moves back up from $29,750, it will be feasible to start small short positions with a target price of $2,000–3,000 lower.
The material has been provided by InstaForex Company – www.instaforex.com
The image is significantly more powerful in the 4-hour time frame. The value of bitcoin has rapidly increased and has easily surpassed the $25,211 mark. Of course, the “black swan” of the American banking crisis and the Fed’s emergency steps to keep the system functioning did not go unnoticed. Now, the growth can proceed with a minimum target of $29,750. No signs of a pullback or a downward correction have been seen as of yet. Despite being very near the Ichimoku cloud, the price could not even break through.
In the previous article, we discussed how institutional investors are once again beginning to purchase bitcoin coins. However, some people continue to be critical of bitcoin and view it with skepticism. Peter Schiff, a well-known investor and expert, is one example. This week, he once again predicted that bitcoin, which, in his words, “is worth nothing,” would soon crash. “Bitcoin will still tend to zero, it will just be a long way to fall,” Schiff said on his Twitter account. Although Schiff’s predictions are rarely realized, they should be acknowledged. For instance, he advised everyone to throw away their coins at the very beginning of the American financial crisis and foresaw further bankruptcies in the sector. Now, however, we can see that cryptocurrency traders took advantage of this problem to make new investments in bitcoin, which makes sense given that the banking industry experienced a cash outflow. As a result, if more banks fail, the price of bitcoin will likely increase once more because investors will need to find new places to put their money to invest as their trust in the banking system will decline.
Meanwhile, Bloomberg expert Mike McGlone predicts that in 2023, investors will prioritize bitcoin and gold. The independence of bitcoin from the conventional financial system, which has recently been unstable and is capable of influencing the exchange rate of fiat currency, was just mentioned by Mr. McGlone. The expert predicted that as the state of the economy worsens, more and more investors will turn their attention to government bonds, gold, and bitcoin. In addition, he said that given the current state of uncertainty around the world, the rise in the value of the first cryptocurrency can be seen as a sign of hope.
The bitcoin cryptocurrency has begun a new cycle of upward movement in a 4-hour timeframe, and we suggest purchasing if the level of $25,211 is overcome. So, with a target of $29,750, long positions can now be maintained. Overcoming this level calls for new long positions with a $34,267 target. Sales on the “bullish” trend are irrelevant, but if the price moves back up from $29,750, it will be feasible to start small short positions with a target price of $2,000–3,000 lower.
The material has been provided by InstaForex Company – www.instaforex.com
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