Yesterday the price of bitcoin slumped down to a six month low as it traded at $6900 for a while before climbing the $7,000 mark. Financial commentator and the CEO of Euro Capital, Peter Schiff, tweeted that bitcoin price has created a head and shoulders pattern and is currently at the neckline. He added that breakdown from this pattern would take it to $1,000.
#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.
— Peter Schiff (@PeterSchiff) November 21, 2019
Bitcoin recovers after dropping below $7,000
At the time of writing bitcoin is changing hands at $7,150. On Friday, the price of bitcoin slumped to a six month low as it traded below the $7,000 mark for a while. Currently, bitcoin is in a very critical support area.
Peter Schiff is known in the crypto community for making negative predictions about bitcoin.
Bitcoin crashed after China announced a crackdown on crypto exchanges.
The crash in the price of the leading cryptocurrency coincided with the news of the People’s Bank of China announcing a crackdown on crypto exchanges. The Shanghai branch of the bank stated that the regulators would adopt measures such as interviews, inspection, and bans to tackle the rising risks in the field. Later last month, the price of bitcoin surged after the Chinese President endorsed the use of blockchain technology.
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