Bitcoin at Risk of Plummeting if $60K Threshold Breaks, Warns Economist Peter Schiff

Renowned economist and cryptocurrency skeptic, Peter Schiff, warned Bitcoin (BTC) holders of a potential drop if the coin fails to hold the $60K support level. Schiff expressed concerns on Twitter, stating that if Bitcoin cannot maintain $60K, it could face a significant decline. This warning follows Bitcoin's recent consolidation, leaving investors uncertain about its next move.

Bitcoin Faces Potential Downfall if $60K Support Fails, Warns Economist Peter Schiff

Renowned economist and outspoken cryptocurrency skeptic, Peter Schiff, has issued a stark warning to Bitcoin (BTC) holders, cautioning of a potential price plunge if the digital asset fails to maintain its critical support level at $60,000.

In a series of tweets on Wednesday, Schiff expressed his concerns about Bitcoin's future prospects. "It's not looking good #HODLers. You guys need to hope #Bitcoin can hold $60K. Otherwise it's a long way down," he tweeted.

Schiff's warning comes amidst Bitcoin's recent period of consolidation, which has left investors grappling with uncertainty over its next move. The economist, known for his unwavering skepticism toward Bitcoin, has consistently criticized the cryptocurrency for its volatility and has questioned its status as a safe haven asset.

"Bitcoin is not the safe haven asset it's promoted to be," Schiff stated in an earlier tweet, citing Bitcoin's 6% decline following the release of jobless claims data, while gold experienced a 1.5% increase.

He has also mocked Bitcoin holders following the recent halving event, suggesting that they could soon experience a "halving" of their net worth. The halving, which reduces the number of new bitcoins created every 10 minutes, has historically been associated with periods of price growth for Bitcoin. However, Schiff has expressed doubts about its long-term impact on the cryptocurrency's value.

Schiff's skepticism is rooted in his belief that Bitcoin lacks intrinsic value and is subject to speculative bubbles that can burst, leading to significant losses for investors. He has argued that Bitcoin's price is driven primarily by hype and market manipulation, rather than any fundamental economic principles.

Technical analysts have identified the $60,000 support level as crucial for Bitcoin's bullish outlook. If the price falls below this level, it could trigger a sell-off that could push the price considerably lower. However, if Bitcoin can hold above $60,000, it could provide a buying opportunity, especially if the decline is temporary.

At the time of writing, Bitcoin was trading at $64,177.19, a decrease of 3.7% from the previous day's close. The cryptocurrency has experienced a significant rally since the beginning of the year, gaining over 47%. However, the recent consolidation and Schiff's warnings have raised concerns among investors about its future trajectory.