Schiff Sees Opportunity to Sell as Bitcoin Tests Resistance at $65,000

Bitcoin has climbed back above $64,000 and is testing resistance at $65,000. This recent price rise can be attributed to a macro shift in market expectations, specifically the reduced likelihood of a Federal Reserve rate hike in September. According to Goldman Sachs' chief economist Jan Hatzius, a rate hike is 'very unlikely', citing soft retail sales, weak jobs data, and cooling inflation. Traders now price just a 30.6% chance of a hike next month.

Peter Schiff, a longtime Bitcoin skeptic, sees the rally as an opportunity to sell. He has been bearish on Bitcoin since 2011 and has repeatedly predicted crashes at every price level. In his view, $65,000 is resistance, with limited upside above that level but significant downside potential below.

Schiff's skepticism is not new, having declared Bitcoin dead or doomed over 20 times since 2011. He has also argued that Bitcoin could crash below $20,000 if it loses the $50,000 level. The success of this prediction remains to be seen, as the incoming inflation data and the Fed's September meeting will play a crucial role in determining whether $65,000 holds as resistance.