- Gold proponent Peter Schiff critiqued Michael Saylor’s debt-refinancing plan for buying more Bitcoin if prices crash to $8,000.
- Schiff suggested, based on long-term chart analysis, that Bitcoin’s next real support level could be near $10,000.
- Market sentiment is deeply fearful, with the Crypto Fear & Greed Index hitting lows last seen during the March 2020 crash.
- An ongoing Stocktwits poll shows most retail traders do not expect Bitcoin to surpass $80,000 in the near term.
On Wednesday, prominent Bitcoin critic Peter Schiff publicly challenged Michael Saylor, the executive chairman of MicroStrategy, and projected a potential $10,000 support level for the cryptocurrency. Schiff’s comments directly targeted Saylor’s stated strategy to refinance corporate debt to continue purchasing Bitcoin if its price fell sharply.
In a post on Twitter, Schiff stated, “Looking at a long-term Bitcoin chart, it looks like it will have some initial support around $10K.” He further questioned the credibility of both Saylor and Bitcoin itself if the asset were still trading at $8,000 by 2030. This level would represent a staggering 94% decline from its October all-time high of over $126,000.
Consequently, retail commentary on trading platforms echoed some of Schiff’s skepticism toward the corporate Bitcoin acquisition plan. Meanwhile, broader market sentiment remains severely depressed, according to data showing the Crypto Fear & Greed Index at record lows.
Bitcoin’s price rose 1.2% to approximately $67,500, with retail sentiment on Stocktwits flipping to ‘bullish.’ MicroStrategy’s stock, which typically tracks Bitcoin, also rose 1.21% in pre-market trading. However, an ongoing Stocktwits poll indicates most traders expect Bitcoin to stay below $80,000 for the next three months.
Some traders even anticipate a drop below $50,000 before any recovery. Despite the bearish retail outlook, Wall Street analysts maintain an average price target of over $402 for MSTR stock, implying a 219% upside.
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