BTC is Forming The Next Ceiling at $17K, Peter Schiff

Chief Economist and Global Strategist Peter Schiff took to Twitter to inform the crypto community not to be misled by Bitcoin’s behavior, as it was not forming higher lows (floors) at $17,000 but higher highs (ceilings).

Don’t make the mistake of thinking that #Bitcoin is forming a floor at $17K. It’s forming the next ceiling. During this bear market every time Bitcoin takes another leg down, it consolidates its loses prior to its next leg lower. These landings aren’t bottoms. They’re trap doors.— Peter Schiff (@PeterSchiff) December 6, 2022

Moreover, he stated that in the prevalent bear market, when BTC goes a leg down, it consolidates on its lower-low and loses its position, therefore tanking further. As such, Schiff calls the temporary dwelling of BTC trap doors, not bottoms.

Meanwhile, Schiff’s prediction about BTC wasn’t well received by the crypto community. One crypto netizen replied to Schiff’s tweet, saying that last year too, Schiff made a similar comment, but contrastingly BTC gained value by 1600%.

Bitcoin is up 0.02% in the last 24 hours and is trading at $17,004 at press time, according to CoinMarketCap. Additionally, as shown in the 7-day price chart below, BTC has been dwelling in the green zone in December except for the small speck of red during the last day of November.

7-day price chart on CoinMarketCap

When considering the chart below, BTC has been trading in a bullish flag since the second last week of November. It has been setting new higher-lows, as depicted in the red ellipses. BTC tested Support 1 on multiple occasions and broke Support 1, as shown by the middle red ellipse in the chart.

However, since the beginning of December, BTC has always stayed in Support 1.

BTC/USDT 1h Trading Chart on TradingView

Intriguingly, the 50-day MA (red line) from above is approaching the 200-day MA (yellow), with the possibility of the lines intersecting. If the two lines were to meet, a Golden Cross would take place, and BTC could go bullish.

Given that the Golden cross happens, BTC would be looking to hit Resistance 1; however, if the bears take over the market, BTC could land on Support 1. If the bears create enough momentum to push the prices further down, BTC would land on Support 2.

The RSI index is at 41.41 (purple line at the bottom of the chart), indicating that the trend is well set; however, the line is sloping down. If the selling pressure increases, the price of BTC could enter the oversold region at 30.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Article: https://coinedition.com/btc-is-forming-the-next-ceiling-at-17k-peter-schiff/

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