Peter Schiff Forecasts Bitcoins Price Plummeting to 38000
Renowned cryptocurrency critic Peter Schiff has once again voiced his skepticism about the future of Bitcoin, this time focusing on Bitcoin ETFs. He predicts that a significant sell-off could occur, further destabilizing the market. Schiff’s warnings come at a critical juncture for Bitcoin, as the cryptocurrency is experiencing notable price fluctuations.
The sell-off is driven by various factors, but the German government may bear some responsibility. What lies ahead remains uncertain.
Schiff’s calculations indicate that over 70% of Bitcoin ETF investors are currently at a loss. He predicts that if the price of Bitcoin falls below $38,000, all Bitcoin ETF buyers will be in negative territory. This could lead to widespread selling as speculators exit their positions to minimize losses. Schiff’s previous pessimistic forecasts lend credibility to his current warning, suggesting that Bitcoin’s bear market may be far from over.
Analyzing the current situation, the possibility of Bitcoin dropping to $38,000 aligns with the 100-day moving average and the middle trendline of the ascending channel, which act as crucial support levels. The market is expected to enter a consolidation phase, with price fluctuations between the $48,000 resistance and the $38,000 support.
From a technical standpoint, Bitcoin is encountering difficulties surpassing the $48,000 mark, causing its price to decline to $41,000. The shorter-term 4-hour chart indicates a balance between buyers and sellers. If Bitcoin falls below $42,000, it could continue to drop to $38,000.
At the time of reporting, Bitcoin’s price had dropped by 7.27%, trading at $54,482.91, with a 24-hour trading volume of $40.5 billion. The 24-hour price range recorded a low of $53,971.30 and a high of $57,453.84. This downward trend coincided with a significant Bitcoin transfer of $2.7 billion from Mt. Gox to an unknown wallet, raising concerns in the crypto community. Additionally, U.S. spot Bitcoin ETFs reported outflows of $20.45 million, further contributing to the bearish sentiment.
Schiff’s warnings and the current market conditions have sparked renewed discussions about Bitcoin’s stability and its role as an investment asset. Despite the overall market downturn, Bitcoin’s dominance increased by 0.80% compared to the previous day, suggesting even greater price declines in the altcoin market. However, the open interest in Bitcoin has decreased by 11.19%, now valued at $16 billion.
Bitcoin’s current market capitalization stands at $1.07 trillion, reflecting the ongoing uncertainty and volatility in the cryptocurrency market.
In conclusion, the battle between the $38,000 and $48,000 price levels is influenced by technical indicators and reflects the broader sentiment in the cryptocurrency market.
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