Bitcoin (BTC) will “very likely” see a significant price drop before the dawn of a key date for institutional investors, says gold bug Peter Schiff.
During recent X activity, the long-time Bitcoin skeptic sounded the alarm on recent BTC price increases.
Schiff bets on BTC price “crash” before ETF launch
Bitcoin is a favorite subject of criticism for Peter Schiff, chief economist and global strategist at asset management firm Europac.
Over the years, he has repeatedly insisted that unlike gold, the value of Bitcoin is doomed to return to zero, and that no one actually wants to hold it except to sell it higher later .
Now, as BTC/USD hits an 18-month high, it has turned its attention to what others say is a watershed moment for the cryptocurrency: the launch of the world’s first exchange-traded fund (ETF). at Bitcoin spot price in the United States.
Approval is expected in early 2024, while rumors that a green light could arrive in November are believed to have fueled last week’s rise beyond $37,000.
While some believe the announcement will be a “news sell” event, where investors will reduce their exposure once certainty on the ETF is established, for Schiff, a drop in BTC prices may not wait until now. not even be that.
In a November 9 X survey, he proposed two Bitcoin “crash” scenarios – before and after the ETF launch. Alternatively, respondents could choose “Buy and HODL to the moon,” which ultimately became the most popular choice 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 launches,” he replied.
“That’s why those who bought into the rumor won’t really profit if they wait for the truth to sell.”
When #Bitcoin accident?
-Peter Schiff (@PeterSchiff) November 9, 2023
AllianceBernstein: Bitcoin ETF “gradually integrated”
As Cointelegraph reported, the mood within the institutional sphere is brightening as the ETF debate looks increasingly poised to end in favor of Bitcoin.
Related: Bitcoin ‘Terminal Price’ Hints BTC’s Next All-Time High Is at Least $110,000
Among the latest optimistic BTC price predictions is that of AllianceBernstein, which last week predicted a peak of $150,000 for the next cycle.
“We believe that early flows could be slower and their accumulation could be more gradual, and that the halving could occur after the halving, when ETF flow dynamics could develop, leading to a cycle peak in 2025, not 2024,” the analysts wrote in a note cited by MarketWatch and others.
“The current BTC breakout is simply ETF approval news that is slowly being priced in, and then the market watches the initial outflows and is likely disappointed in the short term.”
An attached chart shows the past and future behavior of the BTC price, demarcated by halving cycles.
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