25 September, 2019
Bitcoin has broken through an important level of support, so now its price has begun to move towards the $4,000 mark, said Peter Schiff, gold supporter and head of Euro Pacific Capital. In his opinion, the bearish trend has returned, so in the near future the situation in the market will worsen.
"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!" wrote Schiff.
He added that in the long term, the level of $ 4,000 will not stand, and the price of the main digital coin will go much lower. The expert believes that bitcoin cannot be compared with assets like gold, since it is not a tool not for investing, but entertainment for speculators. He also does not consider Bitcoin a protective asset. The critic claims the first cryptocurrency will never cost $ 50,000.