Bitcoin price will test the lower end of the corridor around $8,000. Peter Schiff, a supporter of gold and a critic of the first cryptocurrency, came to this conclusion based on technical analysis.

How long can someone stare at this painting? #Bitcoin? Now that the upper support line has been broken, a crossover to the lower support line is highly likely. The chart has both double top and head and shoulder top patterns. The combination is unlucky. It’s a long way down! pic.twitter.com/GTNyUXFB63

— Peter Schiff (@Peter Schiff) 16 May 2022

“How can anyone else stay on bitcoin for so long? Now, once the upper limit is broken, it is likely to move to the lower support line. The graph also shows two key patterns: “double top” and “head and shoulders”. An unfortunate combination. A deep path,” Schiff wrote.

In the comments, one of the users noticed that the quotes of the first cryptocurrency repeat the trajectory before the severe fall at the end of 2013.

Seems a bit shaky /j https://t.co/avJOm3Ccen pic.twitter.com/en0sBTHF1V

— David Leonard True (@DavidLiveTrue) 16 May 2022

“It looks a little shaky, I agree,” he said.

Another commenter suggested that bitcoin has bottomed out ahead of a bullish phase that will last for several months.

What will this line be? pic.twitter.com/Q2wmVdqmDp

— Justus (@SubmarineSteel) 17 May 2022

On May 8, Schiff predicted that the price of digital gold could drop below $10,000 if the rate sharply breaks the $30,000 level. More than 80% of respondents in an investor-initiated Twitter poll agreed that prices would not stay above this mark.

On May 11, the price failed to break the $30,000 mark. After a short, deeper decline, the rate has returned to near the mark level.

Bitcoin’s “fear and greed” index is at extremes indicating that the asset has been sold.

Against this background, CoinShares analysts have recorded a record weekly flow of funds to crypto funds since the start of the year. According to experts, institutional investors are trying to take advantage of the decline in the market.

Recall that Mike Novogratz, the founder of Galaxy Digital, did not exclude a drop in bitcoin offers by more than $ 30,000.

Robert Kiyosaki, bestselling author and entrepreneur of Rich Dad Poor Dad, predicted a $17,000 test.