Peter Schiff warns of massive liquidations of bitcoin ETFs and “a Crypto black Monday”

He believes bitcoin has been in a major bear market for nearly three years

05.08.2024 - 07:50

105

2 min

What’s new? Peter Schiff, the head of the brokerage company Euro Pacific Capital and gold supporter, has once again criticized bitcoin. He shared his view on the market after the price of the first cryptocurrency plummeted over the weekend.

Schiff noted that if BTC falls below its July low by the opening of the US stock market, bitcoin exchange-traded funds (ETFs) could fall ин more than 15%. He added that bitcoin ETF investors are not set for the long term.

Source: X.com

Senior executive’s opinion. When the bitcoin price dipped below $60 000 on Saturday, Schiff commented that:

“It’s now down 19% from its high. But in terms of real gold, which is the best way to measure its price, its down 34% since hitting its high in November 2021. Bitcoin has been in a major bear market for almost three years and HODLers still don’t realize it.”

Schiff also shared his prediction for Ethereum. He commented on the altcoin’s decline in value as follows:

Source: X.com

“Ethereum just broke below $2800 for the first time since February. Ether is now trading more than 10% lower than it was when the new Ethereum ETFs closed on Friday. If Ether holds this price until Monday’s Stock Market open, those ETFs would gap down 25% below their July 27th highs.”

Earlier, Peter Schiff predicted the market of spot bitcoin ETFs based on the first cryptocurrency, which was backed by a sharp drop in its rate below $60 000. According to him, over 70% of spot BTC ETF shares holders will lose money at the bitcoin price of $54 000.

Author: