Bitcoin price cools off after a strong start to the week. After surging more than 16 percent in the previous two days, Bitcoin was barely changed on March 3. The most popular and largest cryptocurrency in the world was trading at $44,759, with gains of less than 2%. In the last five days, the digital token has increased by around 17%. However, it is still more than 30 percent below its all-time high of around $69,000 set in November 2021.
Currently, with minor corrections, BTC price is still consolidating and remains below the $43K support level. The coin is now facing resistance near the $44,250 level. However, a clear move above the $45K resistance could set the pace for the bulls. Conversely, if there is a downside break below the trendline support, the price could drop to $41,200.
Bitcoin’s Dead Cat Bounce Will End Soon
Peter Schiff, a well-known Bitcoin critic, has taken to Twitter to predict that gold will rise shortly and that Bitcoin’s short-term rally will end, as well as to explain why.
#Petroleum it has skyrocketed when its price exceeds $106. It is clear sailing up to $140. #Gold it is likely to be next. Once the price breaks above $1,950, I think it will shoot through $2,000 to hit a new all-time high. It also looks like the dead cat bounce on losing money. #stocks and #bitcoin it’s over!
—Peter Schiff (@PeterSchiff) March 1, 2022
This is not the first time that the founder of SchiffGold has predicted “the demise of Bitcoin” and named possible or expected causes. The popular analyst informed his followers in a tweet that the price of crude oil has risen to $106 and that he expects it to approach $140 next.
According to Schiff, gold will be the next asset to skyrocket. A new all-time high will be imminent if it breaks above $1,950 from its current price of $1,924 and hits the price of $2,000. The stock market dead cat bounce, along with Bitcoin, will end after that.
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Schiff predicted a flash crash for the flagship digital currency as soon as it crossed the $30,000 threshold in its late January decline on Twitter. When BTC dipped below $35,000, she tweeted about it.
Ever since Feb 28, when it rose from $38,000 above the $40,200 level and then higher, digital gold has been on the rise. That same day it exceeded the $44,000 mark in the local market. After a small drop on March 1, Bitcoin came close to reclaiming $45,000, hitting $44,600. BTC is currently trading at $43,799. It is currently 40% below its all-time high.
This post Bitcoin (BTC) Price Rise Could Stop in Coming Days, Analyst Says
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