Amid the rising geopolitical tensions and the fresh escalation in the Israel-Iran conflict, the Bitcoin (BTC) price faces strong selling pressure slipping under $62,000. Since then, the BTC price has recovered partially and currently trading around $64,111 levels. Interestingly, Bitcoin critic Peter Schiff predicts a major Bitcoin price crash adding that the world’s largest corporate Bitcoin holder Microstrategy is staring at a staggering $2.7 billion in losses.
Bitcoin Price Crash Under $60,000
Peter Schiff issued a stark warning regarding the cryptocurrency’s price, emphasizing the significance of the $60,000 level as critical support.
Schiff highlighted the possibility of a formidable triple-top formation should Bitcoin decisively break below the $60,000 mark. According to his analysis, such a breach could trigger a downward spiral, with a projected downside target of $20,000.
In addition to the broader implications for Bitcoin, Schiff pointed out the potential financial ramifications for MicroStrategy ($MSTR), a prominent company heavily invested in Bitcoin. If Bitcoin were to drop to $20,000, Schiff estimates that MicroStrategy would face a staggering unrealized loss of $2.7 billion on its holdings of 214,000 Bitcoin, acquired at an average price of $34,000.
$60K is critical support for #Bitcoin. A decisive break below that level will create a formidable triple top. The immediate downside projection is a move to $20K. At that price $MSTR will have a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K. pic.twitter.com/F1P0NpLS3X
— Peter Schiff (@PeterSchiff) April 14, 2024
Schiff, a gold bug has in the past predicted a doomsday for Bitcoin several times. However, the strong undercurrent from Bitcoin bulls has invalidated his thesis several times. On the other hand, MicroStrategy executive chairman Michael Saylor remains cool amid the current turbulence while adding that chaos is always good for BTC.
Chaos is good for #Bitcoin.
— Michael Saylor⚡️ (@saylor) April 13, 2024
Bitcoin and the broader cryptocurrency market met with a similar geopolitical situation when the Russia-Ukraine special military operation broke out back in February 2022. However, after some initial turbulence, the market bounced back even stronger.
Buy the BTC Dips
According to crypto analyst Rekt Capital, the Bitcoin price has been in the “Danger Zone” for the past 23 days, signaling a historical pattern preceding Halving events. With the Halving just 5 days away, Bitcoin has experienced a pullback of -18% in March and an additional -15% in April.
Historically, BTC tends to undergo Pre-Halving retraces approximately 14 to 28 days before the Halving event. In the 2020 Halving, this retrace amounted to a depth of -20%. Similarly, in the 2016 Halving, Bitcoin experienced a more significant retrace of -40%.
These trends highlight the potential for significant price fluctuations leading up to Halving events, a phenomenon investors should monitor closely. The analyst further noted that this opportunity to buy the Bitcoin dips won’t last for long enough.
Since the November 2022 Bear Market Bottom…
Bitcoin has offered 4 retraces that were barely over -20% deep and only one just under 20%
• -23% (February 2023)
• -21% (April/May 2023)
• -22% (July/September 2023)
• -21% (January 2023)
• -18% (March 2023)
This… pic.twitter.com/Xb9MZ2Mmjd
— Rekt Capital (@rektcapital) April 14, 2024
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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