Peter Schiff doubts the significance of upcoming events like the Bitcoin halving and the introduction of spot Bitcoin ETFs.
Prominent gold insect Peter Schiff recently predicted a significant Bitcoin (BTC) price collapse on X (formerly Twitter).
The largest cryptocurrency has experienced a decline of 12.9% thus far since its peak of $73,737 on March 14.
Schiff recalled when numerous Bitcoin proponents adorned their social media profiles with laser eyes. This occurred in 2011, at the height of bull market euphoria.
The trend, which was in some way unsettling, even included prominent politicians and personalities, such as Wyoming Senator Cynthia Lummis.
The trend garnered considerable derision after the premier cryptocurrency’s price depreciation the following year; it even retraced to $16,000 by November 2022.
This exemplifies the perils of excessive exuberance in the cryptocurrency market.
Peter Schiff additionally articulated doubt regarding the highly anticipated spot Bitcoin ETFs, which have encountered remarkable prosperity since their introduction in January.
The proponent of gold is confident that their current streak of record-breaking inflows will continue and that Bitcoin will undergo an abrupt reversal in 2024, following substantial gains.
Doubts Cast by Peter Schiff on Bitcoin’s Future Growth
Peter Schiff has also minimized the significance of the forthcoming Bitcoin halving, an event numerous analysts anticipate will serve as an additional catalyst for growth for the preeminent cryptocurrency.
It is noteworthy that the Crypto Fear and Avarice Index, a metric utilized to assess market sentiment, continues to display “extreme avarice” at 79, notwithstanding the substantial retracement in value of the largest cryptocurrency since its recent peak.
Bitcoin is currently trading at $64,410, a decrease of 5.5% over the previous twenty-four hours as of press time.
Long positions worth approximately $442 million were liquidated within the last twenty-four hours, according to data from CoinGlass.