Following the rece rise in Bitcoin prices, Peter Schiff, one of the oldest oppones of the digital currency, has warned of the possibility of falling again. He believes Bitcoin will see a sharp decline in prices before approved by ETFs.
Bitcoin Price Fall Before Confirm ETFs
Bitcoin is one of the favorite topics for criticism by Peter Schiff, an economist and senior strategist at Euro Pacific Capital.
Over the past few years, he has repeatedly emphasized that the value of bitcoin will reach zero, and in reality, no one is willing to keep bitcoin unless he was to sell it at a higher price in the future.
Now, with its highest level of price in the past six mohs, Shiff’s atteion to what others say will be a turning poi for the digital currency market: launching the first ETF ETF Bitcoin in the United States.
While the rumors of the first ETF Spot released in November have fueled the price of Bitcoin to more than $ 1.5 last week, the US Stock Exchange is expected to approve the first request early in the year.
While some believe that investors will reduce their investme volume by selling Bitcoin after ensuring that ETFs are confirmed, Schiff believes that we will see bitcoin prices before.
In a poll on the X platform on November 7, he preseed two scenarios for the fall of Bitcoin: before and after the launch of ETFs. Finally, 5 % of respondes selected the option “Buy and Hoodle to the Moon”.
Despite this, Shif stood on his position. She said in response.
According to the results, my guess is that the price of bitcoin falls before the launch of ETFs. That is why people who have bought Bitcoin with the release of these rumors will actually not benefit if they wait for the sale uil they are released.
Increases priced due to the approval of ETFs slowly prevailed
Among the latest optimistic forecasts of Bitcoin’s price, Bernstein’s Investme Company predicted last week that Bitcoin’s price would reach the peak of the next cycle.
Analysts wrote in a note quoted by Marketwachi and others:
We believe that the process of capital ery will be slow and will gradually increase. With the increasing ery of capital after the approval of ETFs and Houseing, we will see the peak of the new cycle in year 2.
They poied out:
The curre Bitcoin Brake is merely the result of the release of ETFs’ confirmation news that slowly comes up and then the market will see the initial departure of capital and will likely be disappoied in the short term.
