Greed

Reserve

Jerome Powell

Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Peter Schiff has&nbsp;<a href="https://twitter.com/conorfkenny/status/1785862764243882221" rel="noopener noreferrer nofollow">stated</a> that the $54,000 level is going to be the next downside objective for Bitcoin, the leading cryptocurrency.&nbsp;
According to the gold bug, Bitcoin has formed a bearish head and shoulders pattern, with the "neckline" of the pattern being just below $57,000.&nbsp;
CoinGecko&nbsp;<a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">data</a> shows that the flagship cryptocurrency is currently trading at $57,770 after previously sinking to an intraday low of $56,637.&nbsp;
Bitcoin has slumped more than 21% from its record peak of $73,737, which was achieved on March 14.&nbsp;
The cryptocurrency has been under strong bearish pressure over the past week due to disastrous exchange-traded fund outflows. On the macro front, recent statements made by Federal Reserve Chairman Jerome Powell briefly managed to push the Bitcoin price above the $59,000 level.&nbsp;
As&nbsp;<a href="https://u.today/bitcoin-btc-plunging-in-tandem-with-nvidia-and-other-ai-plays" rel="noopener noreferrer nofollow">reported by U.Today</a>, Schiff recently opined that the Bitcoin price was "definitely" in a bear market after the top coin plunged 20% from its record peak.
<h2 id="succumbing-to-greed">Succumbing to greed&nbsp;</h2>
In the meantime, the Crypto Fear &amp; Greed Index, a pivotal gauge of cryptocurrency investor sentiment, recently plunged back into the "Fear" territory with a reading of 43. This indicates that the market is potentially oversold.&nbsp;
Bitcoin recently recorded its worst month since mid-2023, and it seems like the flagship cryptocurrency is on track to record another month in the red unless it manages to reverse course.&nbsp;

Peter Schiff Names New Bearish Target for Bitcoin Price: Details

Table of Contents

U_Today

Other articles published on May 2, 2024

Filecoin and Litecoin down in the last 30 Days in Sluggish Market While Raboo Soars in Crypto Pre...

Cardano’s resistance at key level: ADA to $1… finally?

European Bank With $600B AUM Invests In BlackRock Bitcoin ETF

Top 3 Crypto Hacks that Made Millions

1.75 Trillion SHIB Movement From Robinhood

New Solana Gem “Sealana” Hits $100k In Presale – Best Meme Coin To Buy Today?

Join our free newsletter for daily crypto updates!