RATE Group | If Bitcoin Doesn’t Hold This Level, Price Could Plunge to $1,000
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If Bitcoin Doesn’t Hold This Level, Price Could Plunge to $1,000

30 Dec If Bitcoin Doesn’t Hold This Level, Price Could Plunge to $1,000

Posted at 23:56h in Bitcoin News by

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If you’ve been on Crypto Twitter at all over the past few weeks, you’ve likely seen Peter Schiff claim that Bitcoin (BTC) is on the verge of returning to irrelevancy. More specifically, he wrote in a tweet published in November that per his analysis of the charts, there’s a possibility that the leading cryptocurrency could plunge to $1,000.

Related Reading: Analyst Who Called Bitcoin’s Crash to $6,000 Says Ethereum Bottom In

This assertion has been echoed by a prominent trader. Per previous reports from NewsBTC, the cryptocurrency commentator, who has made a number of accurate calls in the past, wrote that he expects for Bitcoin to go “to the $1,000 range,” citing the sentiment that it would be “good for crypto” as it would “destroy investors and projects.”

According to a recent technical analysis, this prediction isn’t as crazy as it seems. Here’s why.

Bitcoin Needs to Hold 200-Week Moving Average

Over the past few weeks, a number of prominent analysts have…

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