Since first breaking above $30,000 at the start of last year, this level has proved a firm platform from which bitcoin has bounced back from.
A move of less than 5 per cent would take bitcoin back to this level, which is relatively minor by bitcoin’s notoriously volatile standards – it is down 8 per cent just today.
It is not the first time Schiff has predicted a near-absolute capitulation for bitcoin, with his proclamations often coming near the bottom of a cycle.
“If we don’t die, an asteroid may hit the Earth and kill us.
He is a vocal advocate for holding the cryptocurrency for the long term.
One popular chart that is shared encourages people to not look at all-time highs, but rather yearly lows.
One metric that investors can take encouragement from is that long-term holders of bitcoin do not appear to be selling their crypto stash.
Technically, bitcoin’s structure is bearish as lower-lows and lower-highs persist, but bitcoin is now approaching the bottom of the 16-month range.
This shows that the proportion of bitcoin holders who are long-term HODLers is increasing, which is positive as it shows that short-term holders are selling to those with long-term conviction.