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Bitcoin price update: The precarious journey to $4,000 just began says, Peter Schiff

  • Bitcoin’s recovery from levels close to $8,800 loses steam at $8.800.
  • BTC/USD is inclined to make further short-term dips to $8,200 and $8,000 support areas.
  • Schiff says Bitcoin risk for dropping to $4,000 or lower is immense.
Bitcoin price update: The precarious journey to $4,000 just began says, Peter Schiff
John IsigeJohn IsigeFXStreet

The resistance level at $8,800 has proven to be a hard nut to crack. The retreat after failing to break above this level is seeing Bitcoin target the support targets at $8,200 and $8,000 respectively.

Looking back at the flash drop yesterday, BTC/USD found support at $8,125. The drop somehow created fresh demand for BTC culminating in a recovery that fizzled out at $8,800. At press time, Bitcoin is dancing at $8,280 amid building bearish momentum. The influence of the bears is likely to continue in the coming sessions.

Significantly, the relative strength index back inside the oversold. A recovery from levels around 4.76 failed to make headway above 30. The downward trend suggests that the bearish moment is getting stronger. The moving average convergence divergence also doubles down on the rising selling activities. Besides, the simple moving averages are above the price.

BTC/USD 60’ chart

In a tweet he sent out on September 24, Peter Schiff again bashed Bitcoin following the above covered flash drop. The immediate recovery to $8,500 did not convince Schiff who maintained that the drop is just the beginning of a treacherous journey. He went ahead to say that the risk is massive for a quick drop to $4,000 or even lower.

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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