Gold fan Peter Schiff says Bitcoin (BTC) is “likely” to see a serious price drop ahead of a key date for institutional investors.
At a recent X event, the long-time Bitcoin skeptic sounded the alarm about the recent BTC price rise.
Schiff bets BTC price will “collapse” before ETF launch
Peter Schiff, chief economist and global strategist at asset management company Europac, believes that Bitcoin is the most criticized topic.
Over the years, he 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 Bitcoin unless it is to sell it higher later.
Now, with BTC/USD hitting an 18-month high, he turns his attention to what others are calling a watershed moment for cryptocurrencies — the launch of the first U.S. Bitcoin spot-price exchange-traded fund (ETF).
Approval is expected in early 2024, and rumors of a possible approval in November are thought to have pushed gold prices above $37,000 last week.
While some believe the announcement will be a “sell message” event, with investors reducing exposure once certainty about ETFs emerges, for Schiff, Bitcoin’s price decline may not wait until that point.
In an X survey on November 9, he proposed two scenarios for Bitcoin “crash” – before and after the launch of the ETF. Alternatively, respondents could choose “buy and hold until the moon,” which ended up being the most popular choice, with 68% support out of nearly 25,000 votes cast.
Still, Schiff stood his ground.
“Based on the results, my guess is that Bitcoin crashed before the ETF was launched,” he responded.
“That’s why those who buy the rumor won’t actually make a profit if they wait for the truth to be revealed before selling.”
when will it be #bitcoin collision?
— Peter Schiff (@PeterSchiff) November 9, 2023
AllianceBernstein: Bitcoin ETFs “Slowly Pricing”
As Cointelegraph reports, sentiment in the institutional community is easing as the ETF debate looks increasingly favorable for Bitcoin.
Related: Bitcoin ‘terminal price’ hints at next BTC all-time high of at least $110,000
AllianceBernstein has provided its latest bullish forecast for BTC prices, with the firm last week predicting a peak of $150,000 in the next cycle.
Analysts wrote in the report: “We believe that early-stage capital flows may be slower and growth may be more gradual. The post-halving period is a period when ETF capital flow momentum may increase, leading to a cycle peak in 2025 rather than 2024.” .” lead Courtesy of MarketWatch et al.
“The current breakout for BTC is just news of ETF approval slowly being priced in, and then the market will monitor the initial outflows and may be disappointed in the short term.”
The accompanying chart shows the past and future behavior of Bitcoin price, plotted in terms of halving cycles.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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