Bitcoin Is Preparing the Next Ceiling at $17K

A crypto netizen discredited Schiff’s prediction directing to his previous erroneous call.

BTC’s 200-day MA and 50-day MA are at the end of merging.

Chief Economist and Global Strategist Peter Schiff brought to Twitter to announce the crypto community is not to be mistaken by Bitcoin’s behavior as it was not creating higher lows (floors) at $17,000 whereas higher highs (ceiling).

Furthermore, he noted that when BTC moves a leg down in the prevalent bear market, it reduces on its lower-low and loses its position, hence tanking further. As such, Schiff calls the brief dwelling of BTC trap doors, not bottoms.

Meantime, the crypto community still requires to receive Schiff’s forecast regarding BTC. One crypto cybernaut responded to Schiff’s tweet, saying that last year too, Schiff made a similar comment, but contrastingly BTC gained value by 1600%.

Bitcoin rising

Bitcoin is higher by 0.02% in the last 24 hours and is trading at $17,004 at press time, as stated on CoinMarketCap. Further, as demonstrated in the 7-day price charts, BTC stayed in the green zone in December except for the red speck on the last day of November.

Regarding the charts, BTC has been trading in a bullish flag following the second last week of November. It has been developing new higher lows, as shown in the red ellipses on the charts. BTC tested Support 1 numerous times and broke Support 1.

Nevertheless, since the start of December, BTC has always stayed in Support 1.

Intriguingly, the 50-day MA (red line) is closing the 200-day MA (yellow), with the chance of the lines intersecting. A Golden Cross would occur if the two lines were to assemble, and BTC could go bullish.