Bitcoin's price once goes into consolidation in a critical area where speculator

[sifprod]

Bitcoin's price once goes into consolidation in a critical area where speculators are pushing up 42,000 dollars.

The wait game for cryptocurrency trading after Bitcoin (BTC) is fixed again under resistance at $ 43000, pending some momentum that could keep the rise to $ 50000.

Data from Quintelegraph Markets Pro and Treding View show that Bitcoin's price has traded at between $ 41500 and $3,300 over the past two days.



Is Bitcoin on its way to zero?

Peter Schiff, famously opposed to cryptocurrency currencies, has made it possible to align himself with Bitcoin's latest conflicts by publishing the following diagram, which refers to a Bitcoin double top as a sign that the digital asset is set to drop to $0.



Schiff asked followers to "imagine how bad this chart is once Bitcoin breaks below $ 30," and strongly predicted that "if the double top is completed, the real minimum is zero!"

Where Schiff said,

"The decrease to $10000 may seem like a lock, but there is no reason to believe that this level will hold as a permanent minimum."

A more in - depth reading about the composition of the current chart was provided by the cryptocurrency analyst and Twitter user nickname Tech Dev, who published the following chart, which divides "Bitcoin Domain Over a Year" into sub - ranges over two weeks.



Where Tech Dave said,

"The off - one shutdown granted weeks of price movement the next day. Yesterday's closure above US $ 40000 indicates that the previous closure was an aberration. The current key over the two weeks is to determine the sub-range that we will spend in the next few weeks. "

"The rising intersection is happening now."

Market analyst Caleb Franzine pointed to evidence that Bitcoin's price could soon start to trend upward, with the next chart published looking at Bitcoin's daily candles since October 2020.

https://nwscoin.blogspot.com/2022/02/bitcoins-price-once-goes-into.html

[DeathAngel]

Peter Schiff is a well known troll. I wouldn't be surprised if he was in fact a bitcoin whale, I think he just enjoys trolling. His son Spencer publicly states his love of bitcoin, it might be a good cop, bad cop play they have going on.
As for the bitcoin price we are currently touching support. If we break under $40,000 convincingly then we could be confirmed as entering a bear market. $69,000 looks like the top so we could go as low as $25,000 before we hit the next halvening & then begin the next bull market & reach new ath in late 2024.

[franky1]

schiff is a gold guy.. so he actually does know about underlying value of assets.. but pretends btc has none

he knows if people could mine gold in their back yard for $0.90 - $2. the market value window would be $0.90-$2 with the volatile price beings somewhere inbetween depending on many factors of different regional sentiments and decisions

mainly if EVERYONE on the planet could mine for $2 or less ..why would anyone pay $2.01.
mainly if EVERYONE on the planet couldnt mine under 0.90.. EVERYONE would prefer to buy if it got that cheap

well gold costs a minimum of $900 an ounce to mine and in some regions upto $2k. which is why gold price is inbetween $900-$2k

bitcoin has the same baseline value window economics. with a $37k-$88k window of value. and the price inbetween them depending on factors.

unless mining tanked down to a low cost. dont expect the price to tank down to a low price. the minimum floor/bottom for 2022 is way over $30k.

schiff deep down knows this. because he knows the economics of mining costs affect on bottom line value/support

[davis196]

I wonder what was the reason for the current price drop from 44K to 40K USD.
The Bitcoin market isn't ready for a bull run.Historically February isn't one of best months for Bitcoin(even though historical data doesn't matter that much).There are some bullish news coming from Russia and Ukraine(even though I don't trust those bullish news),but the Bitcoin price reacted with a drop.
There's nothing important going on in the world of Bitcoin,so this price drop could be explained with normal price volatility.More sellers want to sell,but less buyers want to buy.
I'm still optimistic about a bull run happening during the spring,but it's OK if 2022 turns out to be a bearish year for BTC.We will be waiting for another ATH in 2023 or 2024.

[buwaytress]

schiff is a gold guy.. so he actually does know about underlying value of assets.. but pretends btc has none

schiff deep down knows this. because he knows the economics of mining costs affect on bottom line value/support

And while he speaks among the loudest, he's certainly not in the minority. Think it was a year or two ago one of his heirs reported to have Bitcoin. So while he pretends, he knows and has made sure his family doesn't miss out. Might even have it himself, but his brand and all the parties he holds sway over simply means he isn't able to backtrack.

Bitcoiners must Bitcoin. Nocoiners must nocoin.

[Lucius]

I wonder what was the reason for the current price drop from 44K to 40K USD.

Those who bought at $40k dump on $44k, and will continue to do so as long as they have the chance - you see that almost no one complains that Bitcoin is boring - because if you only have 10 BTC and you know how to play the game, profit is easier than take the lollipop out of the child's hand. The rules of the game have remained the same, what has changed are numbers and circumstances, big fish eat small ones that will never learn how to defend themselves effectively.

I'm still optimistic about a bull run happening during the spring,but it's OK if 2022 turns out to be a bearish year for BTC.We will be waiting for another ATH in 2023 or 2024.

In the long run, no one was wrong to be optimistic about Bitcoin, only that the short-term bet is always a double-edged sword. The only thing that is certain is halving 2024, everything else is in the realm of speculation - and the only thing that could add fuel to the fire is the approval of a physical ETF in the US, and the pressure on the SEC to do so is growing day by day.

[coolcoinz]

First of all, if someone says Bitcoin will go to 0 he's making himself look stupid and proves that he doesn't know anything about it.
0 is at this point impossible, simply because investors always calculate the risk - reward ratio and at some levels it simply becomes so greatly imbalanced that it would be a stupidity not to buy. Like when you see the upside potential of Bitcoin under 20k, it's already huge, which is why Bitcoin has never fallen more than 90%. At this levels the reward becomes 9x the risk, it's simply dumb not to put in 100$ when worst case scenario you lose another 10% and best case scenario you'll get a new all time high with 10x gain. There's simply no risk at that point.

People who repeat the Bitcoin to 0 narrative are trolls or idiots, that's my opinion.
Many of us would take loans to buy if Bitcoin went to 10k today, that's the truth. I'm not even going to mention hardcore bitcoiners who bought for less than $100 and are still holding. The fact that they exist make me 100% certain that prices like 1k USD for BTC are gone forever.

[Kemarit]

I wonder what was the reason for the current price drop from 44K to 40K USD.

Others say it's because of the looming war, so the whole financial market around the world crashes, including Bitcoin.

The Bitcoin market isn't ready for a bull run.Historically February isn't one of best months for Bitcoin(even though historical data doesn't matter that much).There are some bullish news coming from Russia and Ukraine(even though I don't trust those bullish news),but the Bitcoin price reacted with a drop.
There's nothing important going on in the world of Bitcoin,so this price drop could be explained with normal price volatility.More sellers want to sell,but less buyers want to buy.
I'm still optimistic about a bull run happening during the spring,but it's OK if 2022 turns out to be a bearish year for BTC.We will be waiting for another ATH in 2023 or 2024.

Yeah, I wouldn't put too much expectations for this year to have a bull run like last year. This is supposedly a bearish year and we are already seeing some signs because as early as January up to the present, the price is not really going up an we even had the lowest low at $32,000-$33,0000.

[rhomelmabini]

Peter is a troll and a lot of people know that but don't expect the sentiment to align on him because we're in a Bitcoin forum, you should know what's the answer here. No one knows where it will head and believing this analyst will just split your decision making, we're here in the long run and HODL is the key.

[Baofeng]

Peter is a troll and a lot of people know that but don't expect the sentiment to align on him because we're in a Bitcoin forum, you should know what's the answer here. No one knows where it will head and believing this analyst will just split your decision making, we're here in the long run and HODL is the key.

Not just a troll but he is really anti-bitcoin, that's why he doesn't chance his stance and then continue to attack bitcoin when it is down. And obviously he is somewhat trying to "kill" it with his statement. But we all know that bitcoin is hard to put down, we've seen it many times and bitcoin proves how resilient it is. Not Peter Schiff or anyone can stop it.

[cabron]

People still believe Schiff because he is one of the smartest in his time but he is now in the middle of an embarrassing situation because he was proven to be wrong when it comes to cryptocurrency. He still shills for gold though even when gold, as a reserve, has been over for decades.

BTC going down had been very much predicted to go down for months because the bulls are over. Although there had been times that it goes up, traders still think it will come down because it hasn't touched its lowest wave. Whales that had so much stablecoin since last year are just the people consolidating BTC. Who knows $20K will really be possible.

[Lucius]

People still believe Schiff because he is one of the smartest in his time but he is now in the middle of an embarrassing situation because he was proven to be wrong when it comes to cryptocurrency.

How can you say that he is one of the smartest if we know that Bitcoin has surpassed gold in terms of price in 10 years so much that everything is clear to a child in primary school, let alone someone experienced in the world of economics. Not only is he wrong about Bitcoin, but he is also wrong about his precious gold, which he claimed 10 years ago would cost as much as $5000.

In that interview, Schiff called for gold to rise to $5,000 in a “few years”; when asked about the time horizon for this target, he replied: “I think you’re going to see a big move sometime in the next couple of years.”

Credit for the picture @aysg76

[adaseb]

I was reading this and then I heard Schiff and knew it would be nonsense. That guy is basically losing his mind for the past few years in my opinion.

Remember when Warren Buffet said that Bitcoin is rat poison, he said it once and went on with his life. Not like Schiff who waits until there is a -10% day and goes on a rank on twitter.

Seems the guy has nothing better to do with his time.