Bitcoin ETF

Bitcoin

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p dir="ltr">Financial commentator and Bitcoin critic Peter Schiff in a recent post on X provided insight into the world’s leading digital asset. As&nbsp;<a href="https://x.com/PeterSchiff/status/1809329677191782871">per</a> his take, the plunge in Bitcoin price will not crash below the current level as Bitcoin ETF buyers are yet to panic.</p>
<h2 id="schiff-resilient-bitcoin-etf-whales-will-determine-price">Schiff: Resilient Bitcoin ETF whales will determine price</h2>
<p dir="ltr">Notably, Schiff assessed the trading activity of Bitcoin ETF whales. Available metrics show these large holders are unfazed by the recent drop in Bitcoin price below the $60,000 level in the last few days.</p>
<blockquote>
 <p lang="en" dir="ltr">Based on trading activity it looks like <a href="https://twitter.com/hashtag/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinETF</a> buyers are still HODLing. So far there's no sign of panic. It will likely take a much larger drop in <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> before they finally capitulate. That may come as soon as next week, especially after another big selloff this weekend.</p>— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1809329677191782871?ref_src=twsrc%5Etfw">July 5, 2024</a>
</blockquote> 
<p dir="ltr">As per CoinMarketCap <a href="https://coinmarketcap.com/currencies/bitcoin/">data</a>, Bitcoin is currently up by 3.73% to $56,536.78 in the last 24 hours. This significant rise comes after the digital asset plummeted to as low as $53,900. Analysts had attributed this to the German Government’s transfer of 1,300 BTC to Bitstamp, Kraken and Coinbase. The BTC transferred recently was worth approximately $75.53 million.</p>
<p dir="ltr">According to Schiff’s latest analysis, it will take a larger drop in the price of <a href="https://u.today/bitcoin-btc-lost-63000-are-we-going-below-60000-xrp-could-not-break-048-shiba-inu-shib-shows-lowest">Bitcoin</a> for whales to surrender and begin dumping the asset. If the Bitcoin ETF holders hit the sell button, this will further drive down the price of BTC.</p>
<p dir="ltr">Schiff is projecting that such a scenario is likely next week. Notably, the Bitcoin critic is basing his projections on a huge sell-off this weekend.</p>
<h2 id="critical-warning-to-investors">Critical warning to investors</h2>
<p dir="ltr">Recently, Peter Schiff had in a chart suggested that <a href="https://u.today/peter-schiff-names-next-critical-bitcoin-btc-support">Bitcoin will lose about 60% of its value</a>. Some market watchers say Schiff’s predictions seem unlikely as that would see Bitcoin crash below $30,000.</p>
<p dir="ltr">These analysts maintain that Schiff tilts toward bearish extremes because he is not a fan of the digital asset.</p>
<p>Meanwhile, Schiff has issued a critical warning to <a href="https://u.today/peter-schiff-has-some-bad-news-for-bitcoin-etf-investors">investors of Bitcoin ETF</a>, noting that given its poor showing in the second quarter of this year compared to gold, the digital asset is likely to suffer more losses.</p>

Peter Schiff Acknowledges Bitcoin ETF Buyers HODLing Strength

Table of Contents

U_Today

Other articles published on Jul 6, 2024

US House of Representatives to vote on controversial SAB 121 Bill next week

Analysts Predict Bitcoin’s Bottom Price Range

XRP’s Uncertain Future: Best Altcoins to Diversify Your Portfolio

$TEA presale raises $5.4 million: 5 things you should know before investing

VeChain Blockchain Revolution: VebetterDAO, Charge2Earn, Thorchain, Vetonsberg, and VORJ Driving ...

Nigerian central bank alleges unauthorized transactions by Binance

Join our free newsletter for daily crypto updates!