The infamous gold bug, Peter Schiff, recently took to X (formerly Twitter) to predict a significant drop in the price of Bitcoin (BTC).
The infamous gold bug, Peter Schiff, recently took to X (formerly Twitter) to predict a significant drop in the price of Bitcoin (BTC).
The largest cryptocurrency so far has fallen 12.9% from its all-time high of $73,737 that was reached on March 14.
Has Bitcoin Peaked?
Schiff recalled a trend during which many Bitcoin advocates were adding laser eyes to their social media profiles. This happened at the peak of the bull market euphoria in 2011. The somewhat embarrassing trend involved big celebrities and even politicians like Wyoming Senator Cynthia Lummis.
The trend attracted much ridicule after the price of the flagship cryptocurrency plummeted the following year, retreating to the $16,000 level in November 2022.
This serves as a warning about excessive exuberance in the cryptocurrency market.
Schiff also expressed skepticism toward the much-hyped Bitcoin spot ETFs, which have seen tremendous success since their launch in January.
The gold advocate is convinced that his streak of record inflows is now going to last, and Bitcoin is set to experience a sharp reversal after posting substantial gains in 2024.
Additionally, Schiff has downplayed the impact of the upcoming Bitcoin halving, which many analysts expect to be another bullish catalyst for the leading cryptocurrency.
extreme greed
It is worth mentioning that the Crypto Fear and Greed Index, which provides a score from 0 to 100 to measure market sentiment, is still showing “extreme greed” at 79 even though the price of the largest cryptocurrency has retreated substantially since its recent peak.
At the time of publishing, Bitcoin is trading at just $64,410 after losing 5.5% in the last 24 hours.
According to CoinGlass, approximately $442 million worth of long positions have been liquidated in the last 24 hours. data.
