Bitcoin

<ul>
 <li>Bitcoin naysayer Peter Schiff has forecasted a massive Bitcoin price collapse.</li>
 <li>His argument has been repeatedly disproven by the powerful undercurrent of Bitcoin bulls.</li>
</ul>
With global tensions on the rise and the Israel-Iran confrontation escalating once again, the price of <a href="https://thenewscrypto.com/grayscale-bitcoin-etf-gbtc-suffers-steady-bitcoin-outflows/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> is under heavy selling pressure and is falling below $62,000. The price of bitcoin has slightly rebounded since then and is now trading at roughly $64,058.
Notably, Bitcoin naysayer <a href="https://thenewscrypto.com/peter-schiff-predicts-bitcoin-price-collapse-amidst-etf-surge-speculation/" target="_blank" rel="noopener noreferrer nofollow">Peter Schiff</a> has forecasted a massive Bitcoin price collapse, and Microstrategy, the biggest corporate Bitcoin holder in the world, is facing a mind-boggling $2.7 billion in losses. With the $60,000 mark serving as crucial support, Peter Schiff delivered a stern warning about the cryptocurrency’s price.
<h3 class="wp-block-heading" id="h-possible-financial-effects-for-microstrategy">Possible Financial Effects for MicroStrategy</h3>
If Bitcoin breaks $60,000 for good, Schiff said, a strong triple-top structure might develop. A study he conducted indicated that a breach of this kind may set off a negative spiral, with a predicted downside goal of $20,000 as the endpoint.
Schiff highlighted not just the larger implications for Bitcoin but also the possible financial effects for <a href="https://www.microstrategy.com/" target="_blank" rel="noopener noreferrer nofollow">MicroStrategy</a> ($MSTR), a well-known corporation with substantial Bitcoin investments. Schiff predicts that MicroStrategy’s 214,000 Bitcoin assets, bought at an average price of $34,000, will incur an enormous unrealized loss of $2.7 billion in the event that Bitcoin drops below $20,000.
Schiff has already forecasted Bitcoin’s demise on several occasions; he is a gold bug. Nevertheless, his argument has been repeatedly disproven by the powerful undercurrent of Bitcoin bulls.
However, <a href="https://www.microstrategy.com/investor-relations/executive-team/michael-saylor" target="_blank" rel="noopener noreferrer nofollow">Michael Saylor</a>, executive chairman of MicroStrategy, has maintained his composure despite the recent upheaval, and he has even gone so far as to say that Bitcoin benefits from instability.
When the Russia-Ukraine special military operation began in February 2022, Bitcoin and the wider cryptocurrency market encountered a comparable geopolitical scenario. The market, nevertheless, recovered even more strongly following the first volatility.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/custodia-bank-ceo-criticizes-federal-reserves-innovation-limitations/" target="_blank" rel="noopener noreferrer nofollow">Custodia Bank CEO Criticizes Federal Reserve’s Innovation Limitations</a>

Peter Schiff Predicts Tough Times Ahead for Bitcoin Price Trajectory

Table of Contents

TheNewsCrypto

Other articles published on Apr 15, 2024

How Will Cryptocurrencies Perform in the Current Market?

Bitcoin’s Market Tenacity: Outperforming Short-Term Holder Expectations

Memecoin PEPE’s Market Instability: Price Dives and Potential Buying Signals

Peter Schiff Reveals Key Support Level for Bitcoin (BTC)

Ethereum Price Up 7% As Whale Scoops $50 Million Worth of ETH from Binance

Senators Warren, Grassley want details on CFTC’s communications with FTX

Join our free newsletter for daily crypto updates!