Prominent Bitcoin opponent and a gold bug points to an “ominous” combination on a BTC chart that makes a long fall for BTC likely
Peter Schiff, CEO of Euro Pacific Capital and chairman of SchiffGold fund has taken to Twitter to share another negative forecast for Bitcoin that is likely to come true in the near future, according to him.
Schiff tweeted that Bitcoin is in for “along way down”.
Bitcoin chart shows an “ominous combination”
Schiff has assumed that nobody sane would stay long on Bitcoin after checking out the chart that he has shared. According to the Bitcoin hater, the graph is demonstrating highly negative signs for further movement of BTC.
The chart shows a Double Top pattern and Head and Shoulders one. This is an ominous combination, the gold bug added, stating that Bitcoin has “a long way down” to fall.
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Head and Shoulders is a reversal pattern that predicts a switch from a bullish to bearish trend for a traded asset.
Double Top is also a highly bearish pattern that emerges after an asset price reaches two peaks with a bearish break between them.
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
At the time of writing, Bitcoin is changing hands at $29,615. Earlier, Schiff tweeted that he expected Bitcoin to go below $10,000 if it breaks substantially below the $30,000 zone.