U.Today – Financial commentator and critic Peter Schiff provided insight into the world’s leading digital assets in a recent post on X. According to him, the decline in Bitcoin price will not fall below its current level because Bitcoin ETF buyers are not panicking yet.
Schiff: Bitcoin ETF’s Resilient Whales Will Drive Price
It is worth noting that Schiff assessed the trading activity of Bitcoin ETF whales. Available indicators show that these immense holders are not concerned about the recent drop in Bitcoin price below the $60,000 level over the past few days.
Bitcoin is currently up 3.73% to $56,536.78 over the past 24 hours, according to CoinMarketCap data. This significant enhance comes after the digital asset fell to as low as $53,900. Analysts attributed this to the German government’s transfer of $1 to Bitstamp, Kraken, and Coinbase (NASDAQ:). The most recent transfer of BTC was worth around $75.53 million.
According to Schiff’s latest analysis, it will take a bigger drop in Bitcoin price for whales to give up and start selling assets. If Bitcoin ETF holders hit the sell button, it will cause BTC price to fall further.
Schiff predicts that such a scenario is likely next week. Interestingly, the Bitcoin critic bases his prediction on this weekend’s massive sell-off.
Critical warning for investors
Peter Schiff recently suggested on a chart that Bitcoin would lose about 60% of its value. Some market observers say Schiff’s prediction seems unlikely, as it would mean Bitcoin would fall below $30,000.
Analysts say Schiff is leaning towards extreme pessimism because he is not a fan of digital assets.
Meanwhile, Schiff issued a critical warning to Bitcoin ETF investors, noting that given its penniless performance in the second quarter of this year compared to gold, the digital asset is likely to suffer greater losses.
