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.
$60K is critical support for #Bitcoin. A decisive break below that level will create a formidable triple top. The immediate downside projection is a move to $20K. At that price $MSTR will have a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K. pic.twitter.com/F1P0NpLS3X
— Peter Schiff (@PeterSchiff) April 14, 2024
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.
Chaos is good for #Bitcoin.
— Michael Saylor⚡️ (@saylor) April 13, 2024
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.
Since the November 2022 Bear Market Bottom…
Bitcoin has offered 4 retraces that were barely over -20% deep and only one just under 20%
• -23% (February 2023)
• -21% (April/May 2023)
• -22% (July/September 2023)
• -21% (January 2023)
• -18% (March 2023)
This… pic.twitter.com/Xb9MZ2Mmjd
— Rekt Capital (@rektcapital) April 14, 2024
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.
