Financial commentator and Bitcoin critic Peter Schiff recently provided insight into the world’s leading digital asset, Bitcoin. According to Schiff, the current plunge in Bitcoin price is not expected to crash below the current level, as Bitcoin ETF buyers are yet to show signs of panic. He assessed the trading activity of Bitcoin ETF whales and noted that these large holders are not significantly affected by the recent drop in Bitcoin price.
Price Movement Analysis
CoinMarketCap data shows that Bitcoin is currently up by 3.73% to $56,536.78 in the last 24 hours, following a recent drop below the $60,000 level. The rise in price came after the digital asset plummeted to as low as $53,900, which was attributed to the German Government’s transfer of 1,300 BTC to various exchanges. The transferred BTC was valued at approximately $75.53 million.
Peter Schiff’s latest analysis suggests that it would take a significant drop in the price of Bitcoin for whales to start selling and dumping the asset. Schiff predicts that a scenario where ETF holders start selling could likely occur next week, based on a potential sell-off this weekend. Schiff had previously hinted at a potential 60% loss in Bitcoin’s value, which some analysts find unlikely as it would push Bitcoin below $30,000. Critics argue that Schiff’s bearish stance on Bitcoin is influenced by his negative view of the digital asset.
Schiff has issued a critical warning to investors of Bitcoin ETF, pointing out that the digital asset has underperformed in the second quarter of this year compared to gold. He believes that Bitcoin is likely to experience further losses in the near future due to this poor performance.
The trading activity of Bitcoin ETF whales and the potential impact of their actions on the price of Bitcoin are key factors to watch in the coming days. While Peter Schiff’s predictions may be viewed skeptically by some, it is important for investors to stay informed and cautious in the ever-volatile cryptocurrency market.