Bitcoin (BTC) will “most likely” see a serious price decline before a key date for institutional investors, says gold expert Peter Schiff.
In recent X activity, long-time Bitcoin skeptics have sounded the alarm over recent gains in BTC prices.
Schiff bets on Bitcoin price ‘collapse’ ahead of ETF launch
Bitcoin is a favorite topic of criticism for Peter Schiff, chief economist and global strategist at asset manager Europac.
Over the years, he has repeatedly insisted that the value of Bitcoin, unlike gold, is destined to return to zero, and that no one would want to hold it except in order to sell it at a higher price later.
Now, with the price of BTC/USD rising to 18-month highs, he has turned his attention to what others say will be a watershed moment for cryptocurrencies — the launch of the first bitcoin spot exchange-traded fund (ETF) in the United States.
Approval is thought to be due in early 2024, while rumors that the green light could come in November are thought to have fueled last week’s rally to above $37,000.
While some believe the announcement will serve as a “sell-the-news” event, where investors reduce their exposure once certainty about ETFs arrives, for Schiff, the decline in Bitcoin prices may not wait until then.
In the X survey conducted on November 9, he presented two scenarios for a Bitcoin “crash” – before and after the ETF launch. Alternatively, participants could choose “Buy and Offer to the Moon,” which ultimately became the most popular option with 68% of the nearly 25,000 votes.
Despite this, Schiff remained steadfast.
“Based on the results, I think Bitcoin crashes before the ETF launches,” he replied.
“That’s why people who bought the rumors wouldn’t actually profit if they waited to sell the truth.”
When will #Bitcoin Crashes?
– Peter Schiff (@PeterSchiff) November 9, 2023
AllianceBernstein: Bitcoin ETF “Pricing Slowly”
As Cointelegraph reports, the mood among the institutional space is improving as the ETF debate looks set to increasingly end in Bitcoin’s favor.
RELATED: Bitcoin ‘Final Price’ Suggests BTC All-Time High Is At Least $110K
Among the most recent optimistic forecasts for Bitcoin prices is that of AllianceBernstein, which last week predicted a peak of $150,000 in the next session.
“We believe early flows could be slower and accumulation could be more gradual, and after the halving is when momentum for ETF flows could pick up, leading to a cycle peak in 2025 rather than 2024,” the analysts wrote in a note cited by MarketWatch. . Others.
“The current BTC breakout is just news of ETF approval being priced slowly and the market is then watching the initial outflows and will likely be disappointed in the short term.”
The accompanying chart showed BTC’s past and future price behavior determined by the halving cycles.
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