Gold advocate Peter Schiff: The BTC bear market has a long way to go, and ETH may drop to $1500

2024-07-07 14:49:05

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ChainCatcher news, according to News.bitcoin, gold advocate and economist Peter Schiff stated on the X platform this week that the Bitcoin bear market has a long way to go, currently "at a critical support level." If the support level is unstable, the price could drop significantly. Peter Schiff attributed part of the Bitcoin decline to sales related to the Mt. Gox repayments, but he argued that this also exposes the "myth of institutional demand." He stated, "If this demand truly existed, buyers would seize the opportunity to purchase Mt. Gox Bitcoin off the market."

Peter Schiff also commented on the spot Bitcoin ETF, believing that although Bitcoin ETF buyers are still holding, there are currently no signs of panic. "Based on trading activity, Bitcoin ETF buyers seem to still be holding. So far, there are no signs of panic. Bitcoin may need to drop significantly before they finally capitulate. This could happen as early as next week, especially after another large-scale sell-off this weekend." Peter Schiff also predicted that the price of Ethereum would drop. "I think the price is about to fall to $1,500. It seems those who bought into the Ethereum ETF rumors are eager to sell."

Previous news, gold advocate Peter Schiff: The outflow of funds from the spot Bitcoin ETF will soon put significant downward pressure on Bitcoin.

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