Bitcoin spent today in decline as the negative atmosphere in the cryptocurrency industry continued and the German government and whales sold large amounts of BTC.
While BTC fell to $ 56,800 in this downward trend, BTC evaluation came from analysts.
Stating that the current outlook for Bitcoin and the general market has reached critical levels, analysts warn investors about further declines.
At this point, experienced analyst Peter Brandt said in his last post that Bitcoin is at a critical level and warned that the decline may be prolonged.
In his post, Brandt pointed out that the bear flag formation, which is considered an important bearish formation for Bitcoin, has formed.
Brandt predicted that if this flag formation works, the declines in Bitcoin may increase. Because this model shows further possible declines for Bitcoin.
Sharing from Bitcoin Enemy Peter Schiff Was Not Delayed!
Peter Schiff, known as a Bitcoin hater, said that if BTC loses the critical support level, the price will fall sharply. According to the chart, the level the analyst is talking about is the 200-day SMA.
Peter Schiff's statements are not beyond guessing. However, while the overall trend remains weak, the RSI at 30.8 indicates that Bitcoin is approaching the oversold zone, signaling a possible short-term recovery.
As you can see #Bitcoin is at critical support. If it doesn't hold, look out below. It's a long way down. pic.twitter.com/uP9I24dILI
— Peter Schiff (@PeterSchiff) July 4, 2024
*This is not investment advice.
