Financial commentator and Bitcoin critic Peter Schiff recently shared his insights on the world’s leading digital asset, Bitcoin. Schiff believes that the current plunge in Bitcoin’s price will not crash below the current level due to Bitcoin ETF buyers who are yet to panic. He assessed the trading activity of Bitcoin ETF whales and noted that these large holders are not affected by the recent drop in Bitcoin’s price below $60,000.
According to CoinMarketCap data, Bitcoin is currently up by 3.73% to $56,536.78 in the last 24 hours after experiencing a significant rise from its recent drop to as low as $53,900. This rise follows the German Government’s transfer of 1,300 BTC to major exchanges like Bitstamp, Kraken, and Coinbase (NASDAQ:COIN).
Schiff predicts that a larger drop in the price of Bitcoin is required for whales to start selling and driving down the price further. He suggests that a scenario where Bitcoin ETF holders start selling could happen as early as next week, based on a potential sell-off this weekend. Schiff’s previous chart analysis indicated a possible 60% loss in Bitcoin’s value, leading to concerns from some market analysts who argue that such a steep drop would push Bitcoin below $30,000.
While Schiff remains pessimistic about Bitcoin’s future and consistently warns investors about potential losses, some industry experts question the validity of his predictions. They argue that Schiff’s bias against Bitcoin as a digital asset may skew his analysis towards bearish extremes. Additionally, critics point out that Schiff’s negative outlook on Bitcoin ETFs compared to gold could be influencing his warnings to investors.
Despite Schiff’s dire warnings, market watchers are keen to see how Bitcoin’s price will evolve in the coming weeks. The market sentiment remains uncertain, with contrasting opinions on whether Bitcoin will continue to rise or experience a significant downturn. Investors are advised to conduct their research and consider multiple perspectives before making any decisions based on Schiff’s predictions or other analysts’ insights.
Peter Schiff’s assessment of Bitcoin’s price movement and the potential impact of Bitcoin ETF holders on the market raises concerns among investors. While his warnings about a possible price drop should be taken seriously, it is essential to consider varying opinions and conduct thorough research before making any investment decisions related to Bitcoin or other digital assets.