BTC is Forming The Next Ceiling at $17K, Peter Schiff

• Chief Economist advised the crypto community not be mistake BTC higher-highs for higher-lows.
• A crypto netizen debunked Schiff’s prediction referring to his previous erroneous call.
• BTC’s 200-day MA and 50-day MA are at the point of converging.

Chief Economist and Global Strategist Peter Schiff took to Twitter to inform the crypto community not to be mistaken by Bitcoin’s behavior as it was not forming higher-lows (floors) at $17,000 but higher-highs (ceiling).

Don't make the mistake of thinking that #Bitcoin is forming a floor at $17K. It's forming the next ceiling. During this bear market every time Bitcoin takes another leg down, it consolidates its loses prior to its next leg lower. These landings aren't bottoms. They're trap doors.

— Peter Schiff (@PeterSchiff) December 6, 2022

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