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Bitcoin Falling Like A Stone: When Will The Ordeal End For BTC HODLers?

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Once more, famous gold supporter Peter Schiff has expressed his pessimistic view on Bitcoin, emphasizing that it is a crucial moment for the BTC. Schiff pointed out last week that Bitcoin’s movement into the “danger zone” could be a critical turning point.

In particular, Bitcoin had successfully surpassed the $60,000 mark, which had served as significant psychological and technical support during the 2024 bull market. 

Nevertheless, the ascending trendline was broken and collapsed under the weight of the 20-day and 50-day EMAs. This deterioration has heightened the pessimism in the market.

The chart shows Bitcoin dropped 3.72% intraday to about $57,580 (At press time), with the 100-day Exponential Moving Average (EMA) very nearby. Schiff also cautions that if the price remains consistently below this moving average in the coming sessions, it would confirm the bearish trend and could bring an end to the current rally, possibly ending the bull market for the foreseeable future.

Bitcoin Price Prediction And Oscillators Evaluation

If Bitcoin is unable to reach the $60,000 mark again from a technical perspective, the next significant level of support is at $51,950. This signifies a notable decrease from recent peaks, and dropping to this point could spur more selling.

However, a bounce back from the present levels needs to surpass the $60,000 resistance to dispel the negative outlook. If Bitcoin manages to surpass this level, it may try to break through resistance levels around $64,000 and $66,000, bringing some hope to bullish investors.

According to the oscillators, the BTC asset is displaying bearish characteristics as MACD has sloped below zero line, which is at -1250.4. Meanwhile, the RSI is falling smoothly taking rejection from 14-SMA, which is robustly implying that the BTC asset is losing momentum and can achieve lower level.

Bitcoin TVL Drops 

The Bitcoin displays that the TVL was at its peak around April 5th,2024 but began to slump afterward. The decline in TVL shows that the demand for projects is losing, and BTC consumers’ willingness to stay invested is decreasing.

Likewise, the TVL is often valued as a vote of confidence in the Bitcoin (BTC) protocols. This further exhibits that the BTC protocol participants will receive fewer benefits and profits if this continues.

Typically, it is seen that when the TVL of BTC in the DeFilama platform surges, liquidity, popularity, and usability also advance. But, on the contrary, a decrease in TVL displays the exact opposite, which is less available capital, resulting in lesser returns in Bitcoin. 

However, the BTC graph’s downward trend and the price’s decline indicate a downward spike in TVL. If the TVL continues to decline, the BTC will also decrease. But, if the graph forms higher highs and lows, the TVL could rise, and the price will start to incline, gaining the user’s confidence.

Bitcoin Volatility Declining

This BTC chart exhibits the contrast between volatility and price movement in crypto. On examination, it shows that the bitcoin crypto has witnessed the decline in recent sessions, and the volatility has started to advance, illustrating less stability in the price.

It predicts that sellers have strongly activated and not in the rear yet, and in the ascent, a price correction could stretch for more lows.

Continuous Decline In The Total Amount Of Holders

The Bitcoin crypto has witnessed a continuous decline from March 5th, 2024, in the total amount of holders.

The total amount of holders has fallen to a current value of $846 K from that of nearly 1.16 million holders in March 2024.


Peter Schiff stated that the cryptocurrency is at a critical juncture. Despite surpassing $60,000 recently, Bitcoin’s upward trend was disrupted, leading to a 3.72% drop in value to $57,580. 

In the same way, Schiff also warns that staying below the 100-day EMA could confirm a bearish trend and potentially end the bull market. Reaching support levels at $51,950 may trigger more selling. However, breaking through the $60,000 resistance could revive optimism and push Bitcoin towards $64,000 and $66,000 levels.

The Bitcoin Total Value Locked (TVL) peaked on April 5th, 2024, but has since declined, indicating reduced demand for projects and decreasing investor confidence in BTC. The recent decline in BTC holders since March 5th, 2024, to $846K from 1.16 million also contributes to this downward trend.

Technical Levels

Support Levels: $51,950

Resistance Levels: $64,000


In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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