Peter Schiff Predicts Bitcoin Fall Below $60K Amid Gold’s Rise

• Peter Schiff predicts Bitcoin will fall below $60,000 support level.
• Gold prices surpass Schiff’s valuation, trading above $2,300 per ounce.
• Analyst Ali Martinez signals potential Bitcoin drop below $65,500.

Notable investor Peter Schiff’s remarks regarding Bitcoin , the leading cryptocurrency in terms of market capitalization, have gained attention. He suggested that the digital currency is unlikely to hold its important psychological support level at $60,000.

Schiff initiated his commentary with the premise that the recent downturn in gold prices has concluded. Currently trading at a significant premium, gold is priced well above $2,300 per ounce, surpassing Schiff’s own valuation of $2,000.

According to Schiff, gold has encountered a resistance point at $2,400, but he anticipates that this barrier will not persist. In contrast, Schiff highlighted that Bitcoin’s outlook is less favorable than gold’s. He foresees a downward trend in Bitcoin’s value, whereas he believes the correction in the gold market has passed.

Focus on the Key Support Level

Bitcoin, the most widely recognized digital currency, has experienced a 3.85% drop over the past day. Based on CoinMarketCap data, it is trading at $64,148 at the time of this report. Schiff posits that Bitcoin’s support is near the $60,000 mark, yet he also contends that the cryptocurrency is unlikely to sustain this level for long, given its current price.

Just a week before this prediction, the critic had cautioned that a fall to around $20,000 could be possible if Bitcoin’s price dipped below $60,000. Despite Schiff’s persistent pessimism toward Bitcoin, it is noteworthy that the cryptocurrency is currently exhibiting ambivalent market sentiment.

Prominent cryptocurrency analyst Ali Martinez has recently alerted investors after identifying a sell signal on the Bitcoin price graph. He highlighted the possibility of Bitcoin dropping beneath the $65,500 threshold, which could precipitate a significant depreciation in the cryptocurrency’s value.