- The ongoing Bitcoin price dip has triggered criticism from the anti-crypto community.
- Peter Schiff is once again reveling in the token giant’s underperformance.
- Bitcoin is currently experiencing its second-longest cycle pullback.
The past weeks in the crypto market have been turbulent for Bitcoin (BTC), characterized by heightened uncertainty and significant price fluctuations. This volatility recently reached a climax when the token experienced a sharp price decline, breaching its longstanding support level of $60,000.
This latest downturn has once again underscored the inherent volatility of Bitcoin, drawing scrutiny from the anti-BTC crowd.
Peter Schiff on BTC Dip: “Turn out the lights, HODLers”
In a tweet on Wednesday, May 1, gold advocate and Bitcoin hater Peter Schiff slammed BTC’s present bearish momentum, asserting its inability to hold support at $60,000.
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Echoing his previous predictions that BTC would struggle to sustain the support level, Schiff ridiculed the token’s underperformance despite the recent spot exchange-traded funds (ETFs) launch, emphasizing its 23% decline in value and a more substantial 33% fall against gold.
Schiff analyzed Bitcoin’s price movements, noting that while $60,000 previously constituted a support level for Bitcoin, it has become a resistance level. He further identified a short-term head-and-shoulders pattern forming in BTC’s price, suggesting a potential further decline in price with a downside objective of $54,000.
While his comments build on his long-standing skepticism and repeated criticisms of the token, they align with the current negative sentiment surrounding the token.
BTC Pullback Nears Deepest Yet
Per market analyst Rekt Capital, Bitcoin’s ongoing retracement marks the deepest decline yet, officially recorded at 23.6%. This surpasses the deepest retracement observed in early 2023, constituting only a 22.9% decline.
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The ongoing pullback has lasted 48 days, the second-longest in this cycle. If it proceeds, the retrace could potentially surpass the previous record for the longest pullback, which lasted 63 days.
However, Rekt Capital offered a silver lining. According to its analysis, the more Bitcoin consolidates anywhere between current price levels and $70,000 post-halving, the more likely it is for the overall market cycle to slow down and align with the historically recurring pattern observed after Bitcoin’s halving events.
Rekt added that this pattern typically leads to a peak in the bull market, which could see the ongoing cycle peak around mid-September to October 2025.
On the Flipside
- At press time, Bitcoin is trading at $57,592, up 0.38% in the last 24 hours.
- As a result of the Bitcoin price dip, U.S. Bitcoin ETFs have recorded their most substantial outflows, totaling $563.7 million.
Why This Matters
Peter Schiff’s critique of Bitcoin’s dip reflects the criticisms the crypto market still faces, ingrained in the question of its position as a store of value. However, the crypto market is no stranger to price crashes, and while negative, BTC’s current performance is not enough to override its potential.
Here’s how the bearish sentiment is rippling through the industry:
Crypto Bear Sentiment Grips Investors as Fear Spikes
The downward market trend has also impacted the recently launched ETFs in Hong Kong:
Analysts Evaluate Hong Kong Bitcoin ETFs’ Disappointing Debut
