Economist Doubts Bitcoin’s Sustainability Above $60,000

Peter Schiff, an American stockbroker known for his criticism of Bitcoin, has expressed doubt about the leading cryptocurrency's ability to hold at its psychologically significant support level of $60,000.

In a recent tweet, Schiff speculated that the pullback in gold is over, with the traditional asset currently trading just above $2,300, which he sees as its new $2,000. He perceives a resistance level for gold at $2,400, which he believes is unlikely to hold for long. Schiff noted that Bitcoin presents a contrasting outlook to gold.

While Schiff strongly believes that the pullback in gold is over, he sees the beginning of a pullback in BTC.

According to Schiff, the current price level suggests that Bitcoin has support at $60,000, but he doubts the coin can sustain this level for long.

This new prediction comes just about one week after Schiff stated that a break below the $60,000 mark could trigger a downward spiral to about $20,000.

Despite Peter Schiff’s pessimism about BTC, it’s worth noting that the coin is currently showing a mix of sentiments.

Popular crypto analyst Ali Martinez recently identified a sell signal on the Bitcoin price chart, issuing a cautionary warning to investors. He pointed out BTC’s potential to dip below the $65,500 level, a move that would result in a significant crash for the coin.

Author

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.