According to Peter Schiff, bitcoin (BTC) will test support below $10,000. An idea that calls into question the recent rise of this cryptocurrency. Indeed, the bitcoin chart remains down over the long term, despite a xx% good.
A bearish trend despite a jump of xx%
“Just to put Bitcoin’s rally into perspective, take a look at this chart. The figure (of bitcoin) remains bearish (falling). There is both a double top and a shoulder-head-shoulder. There is also an upward bevel that forms below the neckline. At a minimum, support below $10,000 will be tested,” Peter Schiff said in his tweet appeared on August 14, 2022. Indeed, the American economist remains bearish on bitcoin although it has seen an increase since July. A totally justified idea. Indeed, several chart patterns, which are in favor of a decline in bitcoin, have formed on a three-day scale.
First, the two head-and-shoulders shoulders that have formed since the 2021 highs. These patterns are even more visible on a 4-hour timeframe. Then, we can see an ascending wedge that goes towards the neck line of the first ETE. All of these figures show that bitcoin remains bearish (falling) over the long term. So, according to this view of Peter Schiff on bitcoin, the recent rise is only a slight correction.
Bitcoin (BTC) Falling: Support Around $10,000?
Peter Schiff predicts that bitcoin will test support around $10,000. Indeed, the rising wedge is heading towards the neck line, which will serve as resistance for bitcoin. Then, this neckline will lead to a decline in bitcoin (BTC) to $10,000. This scenario is the most likely according to a long-term chart analysis. Next to that, we have already talked about a resistance on the RSI. This reinforces the idea that the king of cryptos remains bearish over the long term. This despite a performance of +xx% since July.
Sellers have largely taken over the value of cryptos. This led to a drop in the price of bitcoin. Since its historical high, it has lost xx% of its value. This decline could continue with the massive return of investors after this “summer holiday”.
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