Have you noticed that every time the price of Bitcoin shows a sharp decline, appear analysts who predict the BTC price will drop below $10,000 or even disappear? Likewise, remember when Bitcoin rose above $50,000, rumors immediately surfaced that it would ascend to $100,000 or higher.
This week, Peter Schiff predicted a collapse of Bitcoin to $8,000. He believes that the BTC price will not receive support in the current cycle, so we should expect a fall to $8,000. Schiff says the best way to save your money is to buy gold or another metal. It will help save capital from accelerating inflation.
In April, investors were disappointed that the price of Bitcoin could not hold above $40,000. In early May, investors panicked and wondered if the BTC price could hold above $30,000. This week investors are happy that the price of Bitcoin has been able to hold near $30,000.
Let’s take a look at what’s happening on the price chart. On the 1-day chart, the BTC/USD pair has fallen below 30,000 again. The BTC/USD pair has been trading along this mark since May 13. The Bollinger bands are widely spaced, which indicates high volatility. Also, the daily candle on May 12 broke through the lower Bollinger Bands line. After that, the candles returned to the indicator range. Such situations have happened before. Then, after going beyond the lower line, the price returned and showed growth. Going beyond the bottom line indicates an oversold asset and the emergence of consumer demand.
It seems the level of 29,300 is holding back the BTC/USD pair from further decline. However, in the current situation, the level of 29,650 is the nearest support for the BTC/USD pair. A breakdown of the above two levels could trigger a move below 29,000.
On the other hand, if the BTC/USD pair holds above 29,600, we will see an attempt to return above 30,000. A successful close above 30,000 will allow the pair to return to the 30,500 area.
