Crypto critic Peter Schiff has predicted that world's most popular cryptocurrency Bitcoin, the price of which had fallen to below $45,000 since its all-time high three months ago on November 10, 2021 at $68,789.63, is going to further decline in the near future. According to the cryptocurrency expert, Bitcoin is on the verge of experiencing another crash as it reportedly has formed a Double Top pattern suggesting a bearish move.
Schiff's doomsday prediction for the popular cryptocurrency suggests that if the price of Bitcoin falls below the neckline which currently stands at $30,000, the cryptocurrency could further plummet to as low as $10,000 or even lower. He further said that the asset has no support to stop its downfall.
While many other crypto enthusiasts will not want to believe Schiff's latest Bitcoin prediction, the gold proponent further stated that Bitcoin (BTC) might not only see its doomsday as its value drops below the neckline, but its value could reach zero before the end of 2022.
What is the 'Double Top' indicator?
The 'Double Top' indicator is a well-known technical pattern that marks the top of a bullish rally in the crypto market and is considered finished when the price of assets falls below the neckline.
However, Schiff's predicted pattern for cryptocurrency has reportedly been found to be faulty, as it differs from the asset's weekly chart data. Moreover, this might not come into fruition due to the recent price reversal wherein the price of Bitcoin moved from $35,000 to around $45,000 during the last few weeks.
Bitcoin Current Price and Market Cap
At the time of publishing, Bitcoin was trading at $44,281.98, which is up by +4.16% in a 24-hour period with a market cap of $837,747,887,399, according to crypto exchange platform, CoinMarketCap. International Business Times advises its readers not to fall for any rumors and keep an eye on the latest updates about cryptocurrencies.