Bitcoin

Million

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It looks like Bitcoin's future is heading down a less optimistic path - at least according to its longtime critic&nbsp;<a href="https://x.com/PeterSchiff/status/1835631752611578063?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1835631752611578063%7Ctwgr%5E0811adce21ac9cc45852c8dd994874bb208df434%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fpublish.twitter.com%2F%3Furl%3Dhttps%3A%2F%2Ftwitter.com%2FPeterSchiff%2Fstatus%2F1835631752611578063" rel="noopener noreferrer nofollow">Peter Schiff</a>, as he recently outlined a scenario that could push the major cryptocurrency down to the $15,000-$20,000 range.
In a recent X post, Schiff highlighted what he sees as a concerning chart pattern, describing it as a "triple top," a formation that he believes signals a potential decline. This suggests that, "at minimum," it may fall to the upward trend line at around $42,000 may and not even hold for long there. Schiff thinks it is more likely that Bitcoin will retest the longer-term support levels at around $20,000.
In his warning, the cryptocurrency critic also issued a grim counterpoint to the optimistic perspective of&nbsp;<a href="https://u.today/michael-saylors-microstrategy-now-owns-117-of-all-bitcoin-details" rel="noopener noreferrer nofollow">Michael Saylor</a>, as Schiff's comment signals a direct challenge to Saylor's bullish stance, cautioning him to "look out below."
Having invested heavily in&nbsp;<a href="https://u.today/rich-dad-poor-dad-author-kiyosaki-says-buy-bitcoin-or-be-late-in-life-loser" rel="noopener noreferrer nofollow">Bitcoin</a> on behalf of his company, Saylor has been a key figure pushing the narrative of Bitcoin as a long-term store of value.
<blockquote>
 This looks like a triple top to me. The chart is even worse if you price <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> in <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#gold</a>. At a minimum, Bitcoin is headed to the upward trend line at about $42K, but I doubt it will hold. A retest of longer-term support at $15K–$20K is more likely. Look out below. <a href="https://twitter.com/saylor?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@saylor</a> <a href="https://t.co/d83NRh4Rx5" rel="noopener noreferrer nofollow">pic.twitter.com/d83NRh4Rx5</a>— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1835631752611578063?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 16, 2024</a>
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<h2 id="1-million-for-bitcoin-schiff-s-vision">$1 million for Bitcoin: Schiff's vision</h2>
What is more interesting is Schiff's view that Bitcoin could one day reach $1 million, a target championed by some of the cryptocurrency's most vocal supporters. When asked by a follower to celebrate in Puerto Rico if&nbsp;<a href="https://u.today/bitcoin-eyes-436-million-explosive-etf-inflows-last-week" rel="noopener noreferrer nofollow">BTC</a> hit that mark, Schiff &nbsp;responded that such an event would only be possible if a drink there also cost $1 million.&nbsp;
This response, though lighthearted, further reflects Schiff's deep skepticism of such radical projections, reinforcing his belief that these extreme price forecasts rest on highly unlikely conditions.

Schiff Reveals Only Reason for $1 Million Bitcoin

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