Greed

Reserve

Jerome Powell

Bitcoin

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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

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