Vocal Bitcoin critic Peter Schiff has once again predicted that the flagship digital asset could crash, this time with some technical indicators.
Schiff’s Doomsday Prediction for Bitcoin
According to Schiff, Bitcoin is on the verge of experiencing another fall, as it has formed a critical pattern known as “Double Top,” suggesting a strong bearish move.
The “Double Top” indicator is a popular technical pattern marking the top of a bullish rally and is considered finished when a price falls below the “neckline.” Currently, the Bitcoin neckline stands at around $30,000.
In the analysis of the crypto critic, if Bitcoin plummets below the $30k level, this could lead to the asset’s value dropping to as low as $10k or even lower. He posited that the asset has no support to stop it from falling below the level.
While many Bitcoin enthusiasts will not want to believe or accept Schiff’s doomsday prediction, the gold proponent continued that Bitcoin might not only drop to around $10k, but we could also see the asset lose all of its value before the end of the year.
However, Schiff’s predicted pattern has been found to be inaccurate, judging by the asset’s weekly chart. Another reason why this might not come into fruition is the recent price reversal that saw the price of Bitcoin move from $35k to around $45k during the recent weeks.
Bitcoin’s reached its current all-time high of over $68k in November 2021. Since then, it has shed more than 25% of its value as the asset began the year poorly. As of press time, it is currently trading at $42,481.
Bitcoin Hashrate Spikes to New High
Available data from Glassnode has shown that the Bitcoin hashrate has surged to a new all-time high after it spiked by over 30% in a day. This means that the new ATH represents a 200% growth since China banned crypto mining activities within its jurisdiction.
As of press time, Bitcoin’s hash rate new ATH is at 248.11 million terahashes per second.
This article was originally posted on FX Empire