Bitcoin
Peter Schiff acknowledges Bitcoin ETF buyers are holding sway by U.Today
U.Today – Financial commentator and critic Peter Schiff, in a recent post on X, provided insights into the world’s leading digital asset. According to him, the price of Bitcoin will not drop below its current levels as Bitcoin ETF buyers have not yet panicked.
Schiff: Resilient Bitcoin ETF Whales Will Determine Price
Notably, Schiff assessed the trading activity of Bitcoin ETF whales. Available metrics show that these large holders were unfazed by the recent dip in Bitcoin’s price below the $60,000 level in the past few days.
According to data from CoinMarketCap, Bitcoin is currently up 3.73% to $56,536.78 in the past 24 hours. This significant increase comes after the digital asset plunged to $53,900. Analysts attributed this to the German government’s transfer of 1,000,000 BTC to Bitstamp, Kraken, and Coinbase (NASDAQ: ). The recently transferred BTC was worth approximately $75.53 million.
According to Schiff’s latest analysis, it will take a further drop in Bitcoin’s price for whales to surrender and start dumping the asset. If Bitcoin ETF holders hit the sell button, it will further drive down BTC’s price.
Schiff is projecting that such a scenario is likely next week. Notably, the Bitcoin critic is basing his projections on a major sell-off this weekend.
Critical warning to investors
Recently, Peter Schiff suggested in a chart that Bitcoin will lose around 60% of its value. Some market observers say that Schiff’s predictions seem unlikely, as this would cause Bitcoin to fall below $30,000.
These analysts argue that Schiff is prone to bearish extremes because he is not a fan of the digital asset.
Meanwhile, Schiff issued a critical warning to Bitcoin ETF investors, noting that given its poor performance in the second quarter of this year compared to gold, the digital asset is likely to suffer further losses.