From Bitcoin’s short-term trajectory to a potential boost for Litecoin, here’s a look at some of the stories breaking in the world of crypto.
Veteran stockbroker, gold proponent and crypto critic Peter Schiff says Bitcoin investors should get ready for a major pullback.
In a series of tweets, Schiff says anyone who thinks BTC can hit $100,000 is a dreamer. The 56-year-old says, in the long run, he has a “much better chance of being around in 2063 than Bitcoin does.”
It looks like the #Bitcoin pump is finally over. Get ready for the dump!
— Peter Schiff (@PeterSchiff) November 8, 2019
The influential commentator, who has over 170,000 followers on Twitter, has a history of bearish Bitcoin predictions that have rarely come to pass.
Last month, Schiff said he expected Bitcoin to sink to as low as $2,000 in the short term. Soon after that prediction, the price of BTC rose more than 40% in one of its biggest daily gains on record.
And in September, when the leading cryptocurrency dipped to around $7,000, he predicted Bitcoin’s “rapid descent” to $4,000.
Meanwhile, crypto analyst Nicholas Merten says BTC’s weekly chart doesn’t look so hot, but he’s not drawing any conclusions yet.
“I don’t like what the weekly chart looks like, but it could change on a dime here. This could turn into a green candle. I’m just simply waiting for at least two-thirds of my indicators to show up.
The stochastic RSI would technically be bullish here, but I don’t like how it’s not going absolutely vertical as we tend to see when it enters the neutral zone.