In a recent X post, Schiff highlighted what he sees as a concerning chart pattern, describing it as a “triple top,” a formation that he believes signals a potential decline. This suggests that, “at minimum,” it may fall to the upward trend line at around $42,000 may and not even hold for long there. Schiff thinks it is more likely that Bitcoin will retest the longer-term support levels at around $20,000.
In his warning, the cryptocurrency critic also issued a grim counterpoint to the optimistic perspective of Michael Saylor, as Schiff’s comment signals a direct challenge to Saylor’s bullish stance, cautioning him to “look out below.”
Having invested heavily in Bitcoin on behalf of his company, Saylor has been a key figure pushing the narrative of Bitcoin as a long-term store of value.
This response, though lighthearted, further reflects Schiff’s deep skepticism of such radical projections, reinforcing his belief that these extreme price forecasts rest on highly unlikely conditions.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
