Bitcoin has tumbled over 20% from its January peak of $109,350 to an intra-day low of $82,242, currently trading around $84,550. This sharp decline has reignited bearish sentiment, with prominent Bitcoin critic Peter Schiff forecasting a potential drop to $50,000, raising alarm bells for investors.
Peter Schiff: Trump Fueled Bitcoin’s Surge, Price Crash Likely
Peter Schiff attributes Bitcoin’s rally past $100,000 to former President Donald Trump’s economic policies, which he claims were designed to benefit Trump’s crypto-supporting base.
In a recent post on X, Schiff suggested that these policies artificially inflated Bitcoin’s price, creating a speculative bubble.
He criticized traders who held onto Bitcoin at its peak, arguing they missed out on significant profits. Schiff’s bearish forecast of $50,000-$60,000 aligns with MicroStrategy’s average acquisition cost, amplifying concerns of a deeper market correction.
Peter Schiff claims that Trump’s economic policies helped Bitcoin surge past $100,000, seeing it as a way to reward crypto supporters.
Schiff blames traders who didn’t sell during Bitcoin’s peak, missing out on significant profits.
He predicts Bitcoin could fall to the $50,000-$60,000 range, increasing concerns about its future price movement.
Security Breach at Bybit Intensifies Bearish Sentiment
The bearish outlook was compounded by a security breach at Bybit, a leading crypto exchange. An interim investigation linked the attack to malicious code from Safe{Wallet}, highlighting vulnerabilities in third-party services.
Although Bybit assured users of its platform’s security, the incident exposed risks within the crypto ecosystem, fueling uncertainty for Bitcoin holders.
This incident serves as a reminder of the increasing cyber threats targeting exchanges and platforms, contributing to market instability.
Uncertain Future Amid Bearish Sentiment and Security Concerns
Bitcoin’s future remains uncertain as it struggles to find stability. Peter Schiff’s warnings of a $50,000 crash are gaining traction, and ongoing security risks at exchanges add another layer of caution.
While some investors are optimistic about a rebound, the combination of bearish predictions and security vulnerabilities presents a challenging outlook for Bitcoin.
Bitcoin Price Analysis
Bitcoin (BTC) is trading at $84,550, down 0.54%, hovering below the Pivot Point at $86,600. The cryptocurrency remains under pressure, struggling below the 50-day Exponential Moving Average (EMA) at $91,600, indicating a bearish trend.
Immediate resistance is at $86,600, followed by $89,400 and $92,500. A breakout above $86,600 could signal a short-term recovery.
On the downside, key support levels are at $82,100, $78,500, and $75,700. A drop below $82,100 would likely accelerate selling pressure.
Traders should consider a Sell Below $86,600 strategy with a Take Profit at $82,100 and a Stop Loss at $89,400. The outlook remains bearish, but breakouts or reversals at key levels are worth monitoring.
Key Insights:
Bearish Prediction: Peter Schiff forecasts Bitcoin dropping to $50,000-$60,000, raising concerns about a deeper correction.
Security Risks: Bybit’s security breach highlights vulnerabilities in third-party crypto services.
Market Sentiment: Bitcoin faces bearish predictions and security threats, creating uncertainty for investors.
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The post Peter Schiff Warns Bitcoin Could Crash to $50K – Should Investors Worry? appeared first on Cryptonews.
