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Bitcoin Faces Significant Selling Pressure Amid Geopolitical Tensions

Bitcoin Faces Significant Selling Pressure Amid Geopolitical Tensions

Amid escalating geopolitical tensions, Bitcoin (BTC) faces selling pressure, slipping below $62,000 before partially recovering to around $64,400.

Notably, Bitcoin critic Peter Schiff predicts a substantial price crash, suggesting that Microstrategy, a major BTC holder, could incur losses of $2.7 billion.

Schiff warns of critical support at $60,000 and the potential for a triple-top formation, projecting a downside target of $20,000 if breached. This would entail significant losses for MicroStrategy, which holds 214,000 BTC acquired at an average price of $34,000.

READ MORE: Retail Investors Drive Bitcoin ETF Surge in 2024

While Schiff’s bearish outlook contrasts with Bitcoin bulls, MicroStrategy’s Michael Saylor remains unfazed by the turbulence, emphasizing BTC’s resilience amid chaos.

Reflecting on past geopolitical events, the market has historically rebounded strongly after initial turmoil. Crypto analyst Rekt Capital notes Bitcoin’s recent pullback, signaling a historical pattern preceding Halving events. With the Halving approaching in 5 days, Bitcoin has retraced -18% in March and an additional -15% in April.

Pre-Halving retraces typically occur 14 to 28 days before the event, with previous retraces of -20% in 2020 and -40% in 2016. This suggests potential for significant price fluctuations leading up to the Halving, presenting buying opportunities for investors.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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