Parabolic

Bitcoin ETF

Bitcoin

April

Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes. With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the “Halving” event. 
Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions regarding spot Bitcoin ETFs (exchange-traded funds) were correct and presented the possibility of a doom drop for BTC. 
<h2 style="font-weight: 400" id="peter-schiff-s-doomsday-prediction-for-bitcoin">Peter Schiff’s Doomsday Prediction For Bitcoin</h2> 
Back in March, known Bitcoin opposer Peter Schiff <a href="https://www.newsbtc.com/news/bitcoin/peter-schiff-spot-bitcoin-etfs/" target="_blank" rel="noopener ">asserted</a> what he thought was the problem with Bitcoin ETFs. According to the economist, the problem with owning these investment products was that liquidity was limited to US market hours, which would mean that investors could not sell if the market crashed overnight. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 As I warned if <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Bitcoin</a> starts selling off tonight, <a href="https://twitter.com/hashtag/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#BitcoinETF</a> owners can do nothing but watch and wait until the NYSE opens tomorrow morning. In the meantime it will be a long night hoping that Bitcoin doesn't crash before they have a chance to sell. <a href="https://t.co/GfLtl6Wc1S" rel="nofollow">https://t.co/GfLtl6Wc1S</a> 
 — Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1779627303506460874?ref_src=twsrc%5Etfw" rel="nofollow">April 14, 2024</a>
</blockquote> 
On Sunday afternoon, Schiff claimed that, as he previously warned, Bitcoin ETF owners would be helpless if the flagship cryptocurrency started selling off that night. BTC traded around $63,460 at the time of his post and recovered in the following hour to <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-bonanza-before-the-halving-analyst-sees-pre-crash-buying-window/" target="_blank" rel="noopener ">trade above</a> the $65,000 support level. 
Earlier that day, Schiff had <a href="https://x.com/PeterSchiff/status/1779495261816902094" target="_blank" rel="noopener nofollow">warned</a> of a critical support zone for BTC. To the economist, breaking below $60,000 could “create a formidable triple top.” This trend reversal could lead to an “immediate downside projection” of $20,000. 
Following his dooming scenario, Schiff stated that, at that price, MicroStrategy would “have a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K.” Additionally, he <a href="https://x.com/PeterSchiff/status/1779495624284488136" target="_blank" rel="noopener nofollow">believes</a>&nbsp;that BTC’s price could increase “before it crashes.” 
<h2 style="font-weight: 400" id="analysts-unfazed-by-btc-s-correction">Analysts Unfazed By BTC’s Correction</h2> 
Several analysts concurred that the correction was a “minor drop” in the macro picture. According to MacroCRG, Bitcoin’s chart “looks incredible.” The analyst <a href="https://twitter.com/MacroCRG/status/1779839714763198886" target="_blank" rel="noopener nofollow">stated</a>: “They threw a full-on war at her and all it managed to do was wick the range low.” 
Similarly, trader and analyst Rekt Capital considers that BTC “successfully protected the Range Low of its Re-Accumulation Range as the week of the Bitcoin Halving begins.” 
Per the analyst’s chart, Bitcoin is at the “Last Pre-Halving Retrace” during the “Pre-Halving Rally.” If history is to repeat itself, after April 19, BTC will enter the “Re-Accumulation” phase before experiencing the “Post-Halving Parabolic Upside.” 
<img loading="lazy" decoding="async" class="size-large wp-image-603353 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/GLMvD7bWsAAr9zv.jpeg?w=860&amp;resize=860%2C607" alt="BTC, BTCUSDT, Bitcoin, Crypto" width="860" height="607" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/GLMvD7bWsAAr9zv.jpeg?w=1794 1794w, https://www.newsbtc.com/wp-content/uploads/2024/04/GLMvD7bWsAAr9zv.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/GLMvD7bWsAAr9zv.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/GLMvD7bWsAAr9zv.jpeg?w=860&amp;resize=860%2C607 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/GLMvD7bWsAAr9zv.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/GLMvD7bWsAAr9zv.jpeg?w=120 120w, https://www.newsbtc.com/wp-content/uploads/2024/04/GLMvD7bWsAAr9zv.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/GLMvD7bWsAAr9zv.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Moreover, Crypto Jelle <a href="https://twitter.com/CryptoJelleNL/status/1779827482578780319" target="_blank" rel="noopener nofollow">urged</a> investors to “not get shaken out” as BTC is “consolidating above the previous cycle highs.” The analyst and investor reaffirmed his <a href="https://www.newsbtc.com/news/bitcoin/analysts-bullish-on-bitcoin-set-next-target-at-82000/" target="_blank" rel="noopener ">prediction</a> of $82,000 after the upcoming “Halving” event. 
However, Jelle also <a href="https://twitter.com/CryptoJelleNL/status/1779828100655702151" target="_blank" rel="noopener nofollow">set</a> a higher target for this bull cycle. The bullish megaphone pattern on BTC’s chart “still has a pattern of $180,000” despite the recent correction, as stated in the post. The analyst claims he wouldn’t be surprised “if the meme pattern plays out once again.” 
The correction caused BTC to register bleeding numbers for several periods. The biggest cryptocurrency exhibits an 8.4% and a 3.1% dip in the weekly and monthly timeframes. Similarly, BTC’s market activity has decreased by 32.1% in the past day, with a trading daily volume of $42.56 billion. 
Nonetheless, Bitcoin has recovered 3.5% from its price 24 hours ago, currently trading at $66,275. Since the lowest point of this correction, BTC has surged 10.3%. 
<img loading="lazy" decoding="async" class="size-large wp-image-603352 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-15_08-07-55.png?w=860&amp;resize=860%2C410" alt="BTC, BTCUSDT, Bitcoin" width="860" height="410" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-15_08-07-55.png?w=1077 1077w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-15_08-07-55.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-15_08-07-55.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-15_08-07-55.png?w=860&amp;resize=860%2C410 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-15_08-07-55.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

Analysts Bullish On Bitcoin Despite Peter Schiff’s $20,000 Doom Scenario

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