Anti-Bitcoin economist Peter Schiff, well-known in the cryptocurrency world, made a new statement after the decline experienced today.
Schiff is known for being extremely anti-Bitcoin and has frequently made statements in favor of gold.
The analyst said that the BTC chart made him think that a triple top formation was forming. In addition, he claimed that the situation of the chart looked worse when he evaluated the BTC price in gold pair. According to Schiff, the Bitcoin price is heading towards the $42,000 level, but the analyst claims that even this level will not hold.
Interestingly, Peter Schiff argues that a test of the long-term support level between $15,000 and $20,000 is more likely.
However, today the BTC price has dropped by approximately 3.5%, and the reason for the drop is thought to be the second assassination attempt on Donald Trump. At the time of writing, the BTC price is trading at $58,119.
On the other hand, a 3.67% decline was observed in the total cryptocurrency market value in the last 24 hours.
*This is not investment advice.