Peter Schiff predicted Bitcoin test of the $8,000 level

The price of Bitcoin is set to test the lower boundary of its range around the $8,000 level. This assessment, based on technical analysis, comes from gold bug and critic of the first cryptocurrency Peter Schiff.

How can anyone who looks at this chart stay long #Bitcoin? Now that the upper support line has been broken, a move to the lower support line is a high probability. The chart has both double top and head and shoulders top patterns. The combination is ominous. It’s a long way down! pic.twitter.com/GTNyUXFB63

— Peter Schiff (@PeterSchiff) May 16, 2022

“Who else can stay long in Bitcoin? Now that the upper boundary has been breached, there is a high probability of movement toward the lower support line. The chart also shows two important patterns: ‘double top’ and ‘head and shoulders.’ A sinister combination. It’s a long way down”, Schiff wrote.

In the comments, one user noted that Bitcoin’s price is tracing the trajectory that preceded a sharp drop in late 2013.

Looking a bit shaky /j https://t.co/avJOm3Ccen pic.twitter.com/en0sBTHF1V

— David Leonard True (@DavidLiveTrue) May 16, 2022

“Looks a bit shaky, I agree,” he said.

In the comments, another commenter suggested that Bitcoin had reached a bottom before a coming growth phase lasting several months.

What about this line pic.twitter.com/Q2wmVdqmDp

— Justus (@SubmarineSteel) May 17, 2022

On May 8, Schiff predicted that Bitcoin could plunge below $10,000, if the price sharply breaks below the $30,000 level. More than 80% of participants in the investor’s Twitter poll agreed that prices would not stay above this level.

On May 11, the price fell through the $30,000 level. After a brief deeper pullback, the price returned to near the level.

The Bitcoin Fear and Greed Index is at extreme levels, signalling a sell-off of the asset.

Against this backdrop, CoinShares analysts noted a record weekly inflows into crypto funds. According to experts, institutional investors are looking to capitalise on the market’s downturn.

Recall that Galaxy Digital founder Mike Novogratz did not rule out further a decline in Bitcoin prices from the $30,000 level.

The author of the bestseller Rich Dad Poor Dad and entrepreneur Robert Kiyosaki predicted a test of the cryptocurrency at the $17,000 level.