Peter Schiff Doubts Bitcoin’s Ability to Hold $60,000 Support Level

American stockbroker Peter Schiff has once again made headlines with his latest prediction on Bitcoin, stating that the leading digital asset won’t hold up at its psychologically important support level of $60,000. Schiff, a known critic of Bitcoin, has pitched gold above BTC, claiming that the traditional asset’s pullback is over and that it is likely to surpass the $2,400 resistance level.

At the time of writing, Bitcoin was trading at $64,683 with a 2.77% price drop in 24 hours, leading Schiff to believe that the coin has support at $60,000 but won’t sustain this level for long. This prediction comes just a week after Schiff warned that a break below $60,000 could trigger a downward spiral to $20,000.

While Schiff remains pessimistic about Bitcoin, there are opposing views on the coin’s price trajectory. Crypto analyst Ali Martinez issued a cautionary warning about a potential massive crash if Bitcoin dips below $65,500. On the other hand, analyst Willy Woo sees potential for Bitcoin’s market capitalization to outperform that of gold, citing the coin’s lower inflation rate.

Some co-founders on Glassnode also predicted a surge to $72,000 for Bitcoin, highlighting the 50-day EMA at $62,000 as a key support level. They advised investors to utilize short-term dips in Bitcoin’s price as buying opportunities. With conflicting views on Bitcoin’s future, investors are left to navigate the volatile market with caution.