Peter Schiff Warns of Bitcoin's $65,000 Resistance Level

Peter Schiff, chairman of Euro Pacific Capital, has labeled Bitcoin's (BTC) recent rebound as a 'selling opportunity.' As Bitcoin recovered to $64,000 and approached $65,000, he reaffirmed his stance that the risks of a decline outweigh the potential for further gains. On the 18th, Schiff stated on his X (formerly Twitter), "I don't know why Bitcoin avoided a sell-off today, but this rally provides another selling opportunity for long-term holders." He emphasized, "We must remember that $65,000 is a resistance level," arguing that while there is little room for upward movement above that level, there is significant potential for a decline below it. Schiff has consistently raised skepticism about Bitcoin, recently predicting that it could fall below $20,000. He noted the strength of gold and silver, highlighting that gold prices have surpassed $4,430 per ounce and silver prices are also above $66.25. The market is watching closely to see if the $65,000 level identified by Schiff will act as a true resistance, with future price directions expected to be more influenced by U.S. inflation and employment data, as well as the monetary policy decisions from the September FOMC.

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