Schiff Sees $65,000 Bitcoin Resistance Limiting Further Gains
Bitcoin's recent price surge above $64,000 has caught the attention of Peter Schiff, an economist at Euro Pacific Capital. He views this rally as a selling opportunity for HODLers and warns that resistance near $65,000 could cap further gains.
Schiff expressed his concerns on X, stating, 'I'm not sure why Bitcoin didn't sell off today, but the rally gives HODLers another opportunity to sell. Any ideas what's propping it up? Remember, $65K is resistance. There isn't much upside above that level, but plenty of downside below.'
He noted that gold has moved above $4,430 and silver above $66.25, while Bitcoin remains above $64,000.
The market backdrop provides one possible explanation for the rally, as Goldman Sachs' chief economist Jan Hatzius stated a September Fed rate increase had become 'very unlikely.'