Gold advocate and economist Peter Schiff said on social media this week that the bitcoin bear market has a long way to go and is currently "at a key support level" where the price could fall significantly if that support falters. Peter Schiff attributed bitcoin's decline in part to Mt. Gox repaying related sales, but argued that it also exposed "the myth of institutional demand". He said that if such demand did exist, buyers would seize the opportunity to buy Mt. Gox bitcoins off the counter.
Peter Schiff also commented on the spot Bitcoin ETF, arguing that although Bitcoin ETF buyers are still holding, there are no signs of panic yet. Based on trading activity, it appears that Bitcoin ETF buyers are still holding. So far, there are no signs of panic yet. Bitcoin will likely need to fall sharply before they finally capitulate. This could happen as early as next week, especially after another massive sell-off this weekend.
Gold advocate Peter Schiff: BTC bear market still has a long way to go, ETH could fall to $1,500
2024-07-07 05:27:43
Gold Advocate Economist Scientist Peterschiff This Week Social Media expressed ondesk3cryptocurrencydesktopCrypto News
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
Previous article：
黄金倡导者Peter Schiff：BTC熊市还有很长的路要走，ETH或将跌至1500美元Next article：
10x Research：过去一个月比特币和以太坊的下跌多发生在亚洲交易时段
