Bitcoin Teetering on the Brink as Bearish Indicators Rise: Peter Schiff Warns of Danger Zone


In the midst of the ever-fluctuating cryptocurrency landscape, Bitcoin finds itself teetering on the brink of a ‘danger zone’, according to gold enthusiast and finance guru, Peter Schiff. The outspoken investor, notorious for his skepticism towards the digital currency giant, warns of a critical “do or die” phase that could signal the end of Bitcoin’s bullish streak if it continues on its current trajectory.

Schiff’s latest observations come as Bitcoin, the crypto market leader, has jolted beneath the critical $60,000 benchmark. This price threshold has acted as a robust safety net during its brief bull run and now, this sudden breach has ignited turbulent sentiments amongst the investor community. The clear warning from Schiff suggests lingering below this marker could extinguish bullish optimism and potentially halt the Bitcoin momentum.

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Bitcoin, as of the current moment, is hovering around $57,054, perilously close to its 100-day Exponential Moving Average (EMA), a key technical indicator. Schiff cautions that persisting beneath this EMA could cement the bearish downturn, thus, calling curtains on the rally.

Coinciding with these changes, there’s a surge in trading volume against the price drop, demonstrating a substantial selling pressure. The data reveal a dip in Bitcoin’s trading volume from $45 billion to $48 billion within the last 24 hours, paired with a price decline of 6.3% within the same timeframe. This amplified trading activity aligns with traditional bearish indicators, giving credence to Schiff’s predicted downturn.

This precarious sentiment is echoed by significant outflows from Bitcoin spot Exchange Traded Funds (ETFs), reaching a weekly peak of $162 million. This striking exodus of funds is noteworthy, occurring merely on the cusp of the Federal Open Market Committee (FOMC) meeting, where potential interest rate hikes are on the table.

Such outflows are suggestive of a wider market trend, exemplified by the Grayscale Bitcoin Trust (GBTC) facing an astonishing daily outflow of $93.23 million.

In retrospect, it is crucial to note the previous month has been a turbulent one for US Bitcoin ETFs. After a hopeful outset with positive cash inflows in the subsequent months post-debut, April witnessed a collective retreat amounting to $182 million across all active Bitcoin spot ETFs in the United States.

Analysts attribute this recoil in part to macroeconomic fears and geopolitical tensions, murky elements that have cast shadows over the investment realm.

As we prepare for possible upheaval, expert analysts like Micheal Van de Poppe predict an additional correction, potentially plunging Bitcoin’s price down to $55,000 before any glimmer of recovery is detected.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.