In a recent post on X, financial commentator and Bitcoin critic Peter Schiff provided his insights on the world’s leading digital asset. According to Schiff, the current plunge in Bitcoin price is not expected to crash below the current level, as Bitcoin ETF buyers have not yet panicked. He specifically assessed the trading behavior of Bitcoin ETF whales, noting that these large holders have remained unfazed by the recent drop in Bitcoin price below $60,000.
Despite the recent volatility, CoinMarketCap data shows that 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 attribute this drop to the German Government’s transfer of 1,300 BTC to Bitstamp, Kraken, and Coinbase (NASDAQ:COIN), with the BTC transferred worth approximately $75.53 million.
Schiff’s latest analysis suggests that it would take a more substantial drop in the price of Bitcoin for whales to start surrendering and dumping the asset. He predicts that a scenario where Bitcoin ETF holders hit the sell button would further drive down the price of BTC, with such a situation likely occurring next week. Schiff’s projections are based on a potential significant sell-off this weekend, as he had previously indicated in a chart that Bitcoin could lose around 60% of its value.
While some market watchers view Schiff’s predictions skeptically, arguing that a 60% drop would see Bitcoin crash below $30,000, they also note that Schiff’s bearish stance is influenced by his negative view of the digital asset. Despite this criticism, Schiff has issued a critical warning to investors of Bitcoin ETFs, cautioning that due to the digital asset’s poor performance in the second quarter of this year compared to gold, further losses are likely.
Peter Schiff’s insights provide an interesting perspective on the future trajectory of Bitcoin. While his predictions may be viewed with skepticism by some, his analysis of Bitcoin ETF whales and the potential impact on the price of BTC offer valuable insights for investors and traders in the cryptocurrency market. It remains to be seen whether Schiff’s projections will materialize, but they certainly add to the ongoing debate surrounding the future of Bitcoin.