Crypto Sell-Off Is Incoming, Bitcoin Price Show No Sign Of Recovery

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Bitcoin (BTC) was basically unchanged on Friday, settling at $36,000. In comparison to yesterday’s steep price drop, the cryptocurrency has traded with less volatility in the last 24 hours.

The price of Bitcoin is falling, which is forcing the rest of the crypto market to plummet as well. Now that Bitcoin has fallen below $37,000, Peter Schiff expects a massive crypto sell-off.

“Malinvestment”

Peter Schiff, the chairman of SchiffGold and an economist and investor, took to Twitter to remark on the present slump of the cryptocurrency market, forecasting widespread dumping of crypto and predicting the collapse of blockchain-related equities.

Schiff believes that now that Bitcoin and the crypto market in general, as well as the stocks of blockchain-related companies, are in free fall, the entire crypto industry will be revealed as a “malinvestment.”

#Bitcoin, #crypto, & #blockchain related stocks are getting decimated. Many of these companies will go bankrupt as the entire industry is exposed as malinvestment. Mass layoffs will result in mass selling of crypto as unemployed workers raise cash to pay soaring household bills.

— Peter Schiff (@PeterSchiff) May 5, 2022

Many of these firms’ redundancies will compel retail crypto investors to liquidate their assets in order to pay escalating bills.

He’s also spoken out against the overabundance of new coins on the market, totaling 19,316.

According to him, the overall reduction in the value of the crypto market in the last half-year has been 42 percent due to demand for various cryptocurrencies.

He believes that the supply of cryptocurrencies will eventually outnumber the whole market capitalization.

Schiff predicted that the world’s most popular cryptocurrency would fall below the $30,000 support level in early January. BTC’s price has dropped to $36,362 as a result of the Federal Reserve’s recent interest rate hike of half a basis point (the largest increase in 22 years).

#Bitcoin has finally broken the neckline of a head-and-shoulders top. The scary part for the longs is that the pattern projects a move below $30,000. Once that level is breached Bitcoin will have completed a massive double top. From there a crash below $10,000 is highly likely.

— Peter Schiff (@PeterSchiff) January 21, 2022

Conclusion

As momentum indications turned negative, Bitcoin broke below a short-term uptrend. The cryptocurrency might fall further lower, possibly to $30,000, the bottom of a year-long trading range.

BTC price has struggled to hold $40,000 in recent months, and is now down 47% from its all-time high of $69,000 in November of last year.

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