Unfortunately, digital gold could not withstand the current selling pressure. The famous gold bug Peter Schiff has once again shared his bearish view on Bitcoin. Shiff says that this is an existential moment for Bitcoin. In this regard, he makes an oblique reference to Cathie Wood, a Bitcoin bull.

“Cathie will close the door if Bitcoin drops below $60,000!

Cryptocoin.comAs you have followed from ‘As you have followed from ‘the hard sales in the market make investors uneasy. The leading crypto Bitcoin has witnessed intense sales after breaking the support at 60 thousand dollars. The famous gold bug Peter Schiff had issued a warning last week, pointing to Bitcoin’s position. After the latest developments, Schiff took the stage again. Schiff suggests that its fall into what he calls the “danger zone” will be a decisive turning point.

Bitcoin did indeed break the $60,000 threshold, which served as a strong psychological and technical support throughout the 2024 bull run. This break further reinforced the negative sentiment in the market. According to Schiff, a fall below this key level would likely spell the end of the bullish run that has captivated the market over the past year. In this context, Peter Schiff posted the following on his social media X account:

I pointed out this chart a week ago. Since then, Bitcoin has fallen into the danger zone. Now it’s do or die. If Bitcoin drops below $60,000, Katie will close the door.

The chart shows that Bitcoin is around $58,540 and very close to the 100-day Exponential Moving Average (EMA). According to Schiff, a sustained decline below this moving average would confirm the bear trend. This would effectively “end the rally”. In this context, Shiff warns that this development will end the bull run for the near future.

BTC’s technical outlook also shows bearish signs!

Also, the increase in trading volume accompanying the price decline suggests that selling pressure is increasing. This increase in volume is a typical bearish indicator. It therefore further supports Peter Schiff’s hypothesis that the market is turning. Meanwhile, sentiment among traders is becoming increasingly cautious. Many traders and analysts are warning of further declines. Standard Chartered, one of the giant banks, predicts that BTC will slide towards $50,000.

From a technical perspective, if Bitcoin fails to retake the $60,000 level, the next major support is at $51,965. This represents a significant pullback from recent highs. It is also possible that a slide to this level could trigger further selling. On the other hand, a rebound from current levels needs to overcome the $60,000 resistance to invalidate the bearish scenario. According to analysts, Bitcoin is likely to jump to around $64,000 if it breaks above this level. Thus, there is a glimmer of hope for the bulls.