Peter Schiff, who has long been known for his critical stance on the cryptocurrency market, argued that Bitcoin’s $60,000 level does not constitute a fundamental support. In the discussion on the social media platform
Price action and support levels
Bitcoin dropped to $60,000 on February 6. It has largely retained its value since then. While there were more people believing that $60,000 was the “bottom” due to institutional investor interest in the market, the price remained above this region. However, Schiff opposed this view and emphasized that downside risks remain.
Peter Schiff suggested that Bitcoin may not rise and enter a new downward wave below $ 60,000 and drew attention to the risks by saying “Down is very far.”
Continuing its upward trend in the last month, Bitcoin reached the level of $ 74,720, a 25 percent increase compared to its low price on February 6. CryptoAppsy According to the current data reflected on the screens, the BTC price decreased by 3.29 percent in the last 24 hours to $ 74,720.
Market consolidation and key thresholds
BTC, which tried the $ 82,000 level several times in May, failed to rise above this region permanently. It struggled to stay above the “true market average” of $78,300. Analysts state that current price movements point to a consolidation phase that could last weeks or months before a new bull market.
Mini dictionary: True Market Mean is a special price indicator that shows a general average of trading behavior in cryptocurrencies, calculated according to the transaction volume and active addresses in the market. Analysts monitor long-term support and resistance in the market through this level.
It is stated that the average cost of investors collecting BTC during the consolidation period between February and April was around $ 71,400. This group of investors is now seen as a short-term support line. While the 30-day average cost of $78,200 previously served as support, it turned into a resistance level with the recent movements. The $71,400 level stands out as the closest support of the current correction.
| Level | Feature |
|---|---|
| $82,000 | Short-term tested peak level |
| $78,300 | True market mean |
| $74,720 | Current BTC price |
| $71,400 | Short-term support and investor cost base |
| $60,000 | Potentially risky support level |
Market comments and expectations
Although a significant portion of the market believes $60,000 has established a strong base, successive corrections indicate that this confidence may be fragile. While analysts evaluate that consolidation may continue for a while, it is stated that $ 71,400 is the most critical support in the short term.
Price mobility continues to be supported by corporate demand and individual investor interest, but fluctuations are likely to continue. In particular, Peter Schiff’s warnings have increased the market’s uneasiness.
