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Peter Schiff has stated that the $54,000 level is going to be the next downside objective for Bitcoin, the leading cryptocurrency.
According to the gold bug, Bitcoin has formed a bearish head and shoulders pattern, with the "neckline" of the pattern being just below $57,000.
CoinGecko data shows that the flagship cryptocurrency is currently trading at $57,770 after previously sinking to an intraday low of $56,637.
Bitcoin has slumped more than 21% from its record peak of $73,737, which was achieved on March 14.
The cryptocurrency has been under strong bearish pressure over the past week due to disastrous exchange-traded fund outflows. On the macro front, recent statements made by Federal Reserve Chairman Jerome Powell briefly managed to push the Bitcoin price above the $59,000 level.
As reported by U.Today, Schiff recently opined that the Bitcoin price was "definitely" in a bear market after the top coin plunged 20% from its record peak.
Succumbing to greed
In the meantime, the Crypto Fear & Greed Index, a pivotal gauge of cryptocurrency investor sentiment, recently plunged back into the "Fear" territory with a reading of 43. This indicates that the market is potentially oversold.
Bitcoin recently recorded its worst month since mid-2023, and it seems like the flagship cryptocurrency is on track to record another month in the red unless it manages to reverse course.