Crypto news

Peter Schiff advises selling bitcoins

President of Euro Pacific Capital Peter Schiff updated his forecast about the bottom for bitcoin price and gave advice to investors.

In mid-May, a well-known critic of the first cryptocurrency and supporter of gold predicted the digital asset’s test of the support level at $8,000. He justified it by the “double top” and “head and shoulders” patterns formed on the price chart.

This time, Schiff pointed to a long-term support level around $5,000.

“Even if you think bitcoin will eventually trade higher, it’s hard to imagine that it won’t test long-term support along the bottom line first. I think it will fail the test. Either way, it’s better to sell now and buy lower,” the investor commented on the chart.

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