CandleFocus Bitcoin Drops to $95K: Peter Schiff Predicts More Trouble Ahead
2025-01-08
Author: Content Editor
Peter Schiff, an American stockbroker and crypto critic, has predicted a bearish turn for Bitcoin and its largest corporate holder, MicroStrategy. He criticized the leverage strategy used by MicroStrategy to purchase more Bitcoin and claimed that the Trump administration would not adopt Bitcoin as a reserve asset. Schiff believes that this confirmation would lead Bitcoin holders to sell, negatively impacting MicroStrategy. He thinks that MicroStrategy's accelerated leveraged Bitcoin purchases will only delay Bitcoin's collapse, eventually causing MicroStrategy's shares to plummet. Schiff clarified that he doesn't hate Bitcoin but opposes the speculative mania surrounding it. Bitcoin's price has fallen below $100,000, and the $100,000 mark remains a critical resistance level for the cryptocurrency. The Relative Strength Index indicates that lower prices are possible in the near future.
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