{"id":61615,"date":"2022-05-18T12:15:41","date_gmt":"2022-05-18T09:15:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61615"},"modified":"2025-09-05T13:12:32","modified_gmt":"2025-09-05T10:12:32","slug":"peter-schiff-predicted-bitcoin-test-of-the-8000-level","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-predicted-bitcoin-test-of-the-8000-level\/","title":{"rendered":"Peter Schiff predicted Bitcoin test of the $8,000 level"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">How can anyone who looks at this chart stay long <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>? 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\u2019s a long way down! <a href=\"https:\/\/t.co\/GTNyUXFB63\">pic.twitter.com\/GTNyUXFB63<\/a><\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1526216263848148994?ref_src=twsrc%5Etfw\">May 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;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: &#8216;double top&#8217; and &#8216;head and shoulders.&#8217; A sinister combination. It\u2019s a long way down&#8221;, Schiff wrote.<\/p>\n<\/blockquote>\n<p>In the comments, one user noted that Bitcoin&#8217;s price is tracing the trajectory that preceded a sharp drop in late 2013.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Looking a bit shaky \/j <a href=\"https:\/\/t.co\/avJOm3Ccen\">https:\/\/t.co\/avJOm3Ccen<\/a> <a href=\"https:\/\/t.co\/en0sBTHF1V\">pic.twitter.com\/en0sBTHF1V<\/a><\/p>\n<p>\u2014 David Leonard True (@DavidLiveTrue) <a href=\"https:\/\/twitter.com\/DavidLiveTrue\/status\/1526228028552007681?ref_src=twsrc%5Etfw\">May 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Looks a bit shaky, I agree,&#8221; he said.<\/p>\n<\/blockquote>\n<p>In the comments, another commenter suggested that Bitcoin had reached a bottom before a coming growth phase lasting several months.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">What about this line <a href=\"https:\/\/t.co\/Q2wmVdqmDp\">pic.twitter.com\/Q2wmVdqmDp<\/a><\/p>\n<p>\u2014 Justus (@SubmarineSteel) <a href=\"https:\/\/twitter.com\/SubmarineSteel\/status\/1526618399400415232?ref_src=twsrc%5Etfw\">May 17, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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&#8217;s Twitter poll agreed that prices would not stay above this level.<\/p>\n<p>On May 11, the price <AOPEN_2>fell through the $30,000 level<\/AOPEN_2>. After a brief <AOPEN_3>deeper pullback<\/AOPEN_3>, the price <AOPEN_4>returned<\/AOPEN_4> to near the level.<\/p>\n<p>The Bitcoin Fear and Greed Index is at extreme levels, signalling a sell-off of the asset.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/rYvtMoV-z_BgVc8E9EsjsA-glL90_euNwhc2kPg4jAk85WyOXObOs9Hzhc9MPhRtmlOPk2FwfU36Lx4ur3ra7B0JgpZNQMIzmHePrkOf_6kKULR5CmH8IAqzTiWMU2vsod0ZK0fAtZkOEoF6jA\" alt=\"Peter Schiff predicted Bitcoin test of the $8,000 level\"\/><figcaption>Data: <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Alternative<\/a>.<\/figcaption><\/figure>\n<p>Against this backdrop, CoinShares analysts noted a record weekly <AOPEN_5>inflows into crypto funds<\/AOPEN_5>. According to experts, institutional investors are looking to capitalise on the market&#8217;s downturn.<\/p>\n<p>Recall that Galaxy Digital founder Mike Novogratz did not rule out further <AOPEN_6>a decline in Bitcoin prices<\/AOPEN_6> from the $30,000 level.<\/p>\n<p>The author of the bestseller Rich Dad Poor Dad and entrepreneur Robert Kiyosaki predicted <AOPEN_7>a test of the cryptocurrency at the $17,000 level<\/AOPEN_7>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is set to test the lower boundary of the range around the $8,000 level. This assessment, based on technical analysis, comes from gold bug and critic of the first cryptocurrency Peter Schiff.<\/p>\n","protected":false},"author":1,"featured_media":61616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1146,1298],"class_list":["post-61615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-cryptocurrency-market-forecasts","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=61615"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61615\/revisions"}],"predecessor-version":[{"id":61617,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61615\/revisions\/61617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/61616"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=61615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=61615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=61615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}