Bitcoin detractor Peter Schiff has foretold that the price of the leading cryptocurrency by market capitalization will continue to fall over the coming years.
Bitcoin detractor Peter Schiff has foretold that the price of the leading cryptocurrency by market capitalization will continue to fall over the coming years.
“You can keep watching that chart for years to come as the price of Bitcoin continues to fall and the price of gold continues to rise,” Schiff wrote on social media platform X.
Schiff has noted that Bitcoin is down 14% since hitting its all-time high of $73,737 on March 14. In comparison, gold is up 10% over the same time period.
Gamza KhanzadaevThose who sold their gold ETFs to buy Bitcoin are now down as much as 24%. “How long will it be before they realize they made a mistake?” Schiff asks.
Earlier this Friday, the price of Bitcoin fell to an intraday low of $63,356, the lowest level since May 15, on the Bitstamp exchange.
On Thursday, Bitcoin ETFs saw net outflows of $140 million, putting additional pressure on bulls. These products have already accumulated six consecutive days of negative flows.
Some recent bullish catalysts include the launch of the VanEck Spot Bitcoin ETF in Australia and MicroStrategy’s massive $768 million Bitcoin purchase. However, this bullish news was most likely already priced in and the market continued to languish.
Alex DovbnyaJulio Moreno, head of research at cryptocurrency analysis firm CryptoQuant, noted that the Bitcoin market is currently in its least bullish state since September 2023.
Pseudonymous Bitcoin trader DonAlt has noted that Bitcoin price is currently facing its do-or-die moment on the weekly chart. Yes Bitcoin manages To maintain the current support level, DonAlt believes new all-time highs are “likely.”
