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Bitcoin (BTC) to Test Support Below $10,000, Peter Schiff Predicts

Popular bitcoin skeptic Peter Schiff has once again expressed a rather bearish sentiment for bitcoin. The CEO shared on Twitter that BTC, which touched $25,000 today for the first time since mid-June, will still test $10,000.

Schiff reads bearish signals on the bitcoin chart

Not even a day after bitcoin briefly touched $25,000, its skeptics have taken to social media to cast doubt on the price of the world’s largest cryptocurrency. This is no surprise as Schiff made the same statement in an interview last week.

In what he dubbed “putting Bitcoin rally in perspective,” Schiff expressed that the pattern does not indicate a bullish signal. He said BTC will retest $10,000 at minimum support.

A few days ago, the stockbroker expressed the same sentiment in an interview with Kitco News anchor David Lin. “I think bitcoin has peaked at $69,000… the next big move for bitcoin will be below $10,000.”

In 2019, Schiff had incorrectly predicted that Bitcoin would never reach $50,000 and later admitted he was wrong “for that one” after the asset hit the price. He remains one of Bitcoin’s most vocal critics.

Bitcoin briefly touched $25,000 today

According to Bloomberg, Bitcoin briefly touched $25,000 today for the first time since mid-June before falling back to $24,685 and now trading at $24,283 at the time of writing.

The asset has been mostly green for the past few days and some pundits have predicted it heading towards $30,000. On the other hand (JP Morgan), JPM said the recent rally was largely hype spurred by ETH’s merger scheduled for September.

The world’s largest cryptocurrency continues to dominate the total crypto market cap at around 40%.

Abigal .V. is a cryptocurrency writer with over 4 years of writing experience. She is focused on message writing and is adept at finding hot topics. She is a fan of cryptocurrencies and NFTs.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.

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