During the weekend, the Bitcoin (BTC) crash kept the crypto community on edge. As the price dipped to $60,000, numerous investors feared for the flagship cryptocurrency’s stability prior to the upcoming “Halving” event.
In the midst of this correction, Bitcoin skeptic Peter Schiff asserted the accuracy of his past forecasts concerning spot Bitcoin ETFs (exchange-traded funds), hinting at a potential downturn for BTC.
Peter Schiff’s Apocalyptic Forecast for Bitcoin
In March, prominent Bitcoin critic Peter Schiff highlighted what he perceived as a flaw in Bitcoin ETFs. The economist argued that the issue with owning these investment vehicles was their limited liquidity during US market hours, potentially leaving investors unable to sell if a market crash occurred overnight.
On Sunday afternoon, Schiff reiterated his earlier warning that Bitcoin ETF holders would find themselves vulnerable if the leading cryptocurrency initiated a sell-off that night. At the time of his statement, BTC was trading around $63,460, but it rebounded in the subsequent hour, surpassing the $65,000 support level.
Earlier that day, Schiff had cautioned about a crucial support area for BTC. According to the economist, breaching the $60,000 mark could potentially form a significant triple top, indicating a reversal in trend with an immediate downside target of $20,000.
Echoing his ominous prediction, Schiff pointed out that at such a price level, MicroStrategy would face a substantial unrealized loss of $2.7 billion on its 214,000 Bitcoins acquired at an average price of $34,000. Moreover, he speculated that BTC’s price might rise “before it crashes.”
Analysts Remain Unperturbed by BTC’s Correction
Multiple analysts agreed that the correction represented only a “minor dip” within the broader perspective. MacroCRG described Bitcoin’s chart as “incredible,” noting, “They threw a full-on war at her and all it managed to do was wick the range low.”
Similarly, trader and analyst Rekt Capital observed that BTC “successfully defended the Range Low of its Re-Accumulation Range” as the week of the Bitcoin Halving commenced.
According to the analyst’s chart, Bitcoin is currently in the “Last Pre-Halving Retrace” phase of the “Pre-Halving Rally.” If historical patterns repeat themselves, after April 19, BTC will transition into the “Re-Accumulation” phase before entering the “Post-Halving Parabolic Upside.”
Additionally, Crypto Jelle advised investors to “stay steady” as BTC continues to “consolidate above the previous cycle highs.” The analyst and investor reiterated his forecast of $82,000 following the upcoming “Halving” event.
Furthermore, Jelle outlined a higher target for this bullish cycle. Despite the recent correction, the bullish megaphone pattern on BTC’s chart “still points to $180,000,” as indicated in the post. The analyst suggested that it wouldn’t be surprising “if the meme pattern plays out once again.”
The correction led to BTC experiencing losses over various periods. The leading cryptocurrency saw declines of 8.4% and 3.1% in the weekly and monthly timeframes, respectively. Similarly, BTC’s market activity dropped by 32.1% in the past day, with a daily trading volume of $42.56 billion.
However, Bitcoin has rebounded by 3.5% from its price 24 hours ago, currently hovering around $66,275. Since the lowest point of the correction, BTC has surged by 10.3%.