Bitcoin

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Analyst Peter Schiff expressed concern for Bitcoin holders. In his latest post on X, he&nbsp;<a href="https://twitter.com/PeterSchiff/status/1783271696138481828" rel="noopener noreferrer nofollow">suggested</a> that they should hope that Bitcoin can maintain its price above $60,000 to avoid significant declines.&nbsp; <img height="369" src="https://lh7-us.googleusercontent.com/gLc9fvp87i7d65XBv7qzYB8AqRJrnHHk5W0oep99iJLXvp6ngt5iPwblcm0Fj21satCAHneQNKASyqD2SSN_psK8K9spu09MoHSiLFAHFX-t6MrVemZanWb27K3kpvg_620zKmPqhxM7nHejHG3v39Y" width="624">Source: <a href="https://twitter.com/PeterSchiff/status/1783271696138481828" rel="noopener noreferrer nofollow">Peter Schiff, X</a>
He pointed out that while seasoned Bitcoin enthusiasts are accustomed to substantial price drops, newer investors who hold Bitcoin through ETFs may face unexpected challenges if prices decline.
<blockquote>
 It's not looking good <a href="https://twitter.com/hashtag/HODLers?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#HODLers</a>. You guys need to hope <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> can hold $60K. Otherwise it's a long way down. All the hard core Bitcoiners are use to big drops. But the newbies who own the ETFs are in for a rude awakening. <a href="https://t.co/Dw6mJXXi3r" rel="noopener noreferrer nofollow">pic.twitter.com/Dw6mJXXi3r</a>— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1783271696138481828?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a>
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"Not for long," Shiff replied to a comment, pointing to a BTC price still at $64K.
<h2 id="post-halving-muddle">Post-halving muddle</h2>
After the passing of the halving event, Bitcoin has been stalling around the $64K-$66K price range. According to IntoTheBlock, Bitcoin is currently striving to establish $66,000 as support, with 1.54 million addresses owning 747,000 BTC at this level.&nbsp; <img height="416" src="https://lh7-us.googleusercontent.com/Dj9HJ2lZKYhiEnQXe50AZu5ra_7MVR9Cz36hKK2-cX_Zt43n845VU78ztVgVlL12LKKQ7A_hLWrjsF4OaOEJm4Z9lQ5Spiv-Z9rWWK3yYWaZlL_vK0P3bHvvTpa0R6-mTBbESL9yCHnuttVrODPdNuk" width="624">Source: <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=all&amp;chart=all " rel="noopener noreferrer nofollow">IntoTheBlock</a>
If successful, the next resistance lies between $69,900 and $71,200. Bitcoin encountered a hurdle near $67,220 after continuous gains and is now trading at $66,120, down 0.12% in the last 24 hours.
<h2 id="it-s-a-failure">“It’s a failure”</h2>
Peter Schiff has been a long-time critic of Bitcoin and other cryptocurrencies. He recently&nbsp;<a href="https://u.today/peter-schiff-comes-up-with-new-reason-why-bitcoin-is-a-failure" rel="noopener noreferrer nofollow">noted</a> that the cost of a single Bitcoin transaction reached $128.&nbsp;
Shiff believes this makes it impractical for most transactions and undermines its viability as a digital currency.&nbsp;
"The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It's a failure," Schiff remarked.
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Peter Schiff Shares Crucial Bitcoin Support Level, Warns About BTC Price Drop

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