Bitcoin (btc) “very likely” will see a major price drop before a key date for institutional investors arrives, says Peter Schiff, a gold enthusiast.
In recent X activity, the long-time Bitcoin skeptic sounded the alarm about BTC's recent price gains.
Schiff bets on BTC price “drop” ahead of ETF launch
Bitcoin is a favorite topic of criticism for Peter Schiff, chief economist and global strategist at asset management firm Europac.
Over the years, it has repeatedly insisted that, unlike gold, the value of Bitcoin is destined to return to zero and that, in fact, no one wants to hold it except to sell it later.
Now with BTC/USD hovering around 18-month highshas turned its attention to what others say will be a watershed moment for cryptocurrencies: the launch of the first Bitcoin spot price exchange-traded fund (ETF) in the United States.
Approval is believed to come in early 2024, while rumors that a green light could come in November are believed to have fueled last week's rise above $37,000.
While some believe the announcement will be a “sell the news” event, where investors will reduce exposure once certainty about the ETF arrives, for Schiff, a BTC price drop may not even wait for that. happen.
In an X survey conducted on November 9, he offered two scenarios for a Bitcoin “crash”: before and after the ETF launch. Alternatively, respondents could choose “Buy and HODL to the Moon,” which ultimately became the most popular option with 68% of the nearly 25,000 votes.
Despite this, Schiff stood his ground.
“Based on the results, I assume Bitcoin crashes before the ETF launch,” he responded.
"That's why people who bought the rumor won't actually make a profit if they wait for the fact to sell."
When #Bitcoin crash?
—Peter Schiff (@PeterSchiff) November 9, 2023
AllianceBernstein: Bitcoin ETF "slowly valuing"
Like Cointelegraph reportedThe mood in the institutional sphere is improving as the ETF debate looks increasingly likely to end in Bitcoin's favor.
Related: Bitcoin 'terminal price' hints that BTC's next all-time high will be at least $110,000
Among the latest optimistic BTC price forecasts is that of AllianceBernstein, which last week predicted a peak of $150,000 in the next cycle.
"We think initial flows could be slower and accumulation could be more gradual, and after the halving is when the momentum of ETF flows could pick up, leading to a peak of the cycle in 2025 and not in 2024," the analysts wrote in a note. aforementioned by MarketWatch and others.
“The current BTC breakout is simply news about ETF approvals being slowly discounted and then the market monitors the initial outflows and is likely to be disappointed in the short term.”
An accompanying chart showed past and future BTC price behavior outlined by halving cycles.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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