Peter Schiff: "BTC to Re-challenge $4.2 Million in the Short Term... Expecting a Large Drop in the Future"

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Peter Schiff, CEO of Euro Pacific Capital and a prominent gold advocate and bitcoin skeptic, stated through X that "a triple top pattern has formed on the bitcoin chart. Bitcoin prices are expected to decline in the future." He further added, "Bitcoin is heading towards the $42,000 uptrend line. However, it is doubtful whether this will be maintained. It appears more likely that the long-term support line of $15,000-$20,000 will be retested." A triple top is a reversal pattern characterized by three consecutive peaks at the same level and two intermediate troughs in between. It is predicted and interpreted that after the price reaches the third peak, it will fall below the intermediate trough, and there will be an additional decline equal to the difference between the peak and trough.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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