One more time, Peter Schiff has given his opinion on the future performance of Bitcoin (BTC) in the face of steady price decline.
Schiff Could Be Right About Bitcoin
In his recent X post, the anti-crypto businessman highlighted Bitcoin’s current position, describing it as a “critical support.” Notably, BTC is currently trading at $58,145.43 with a 3.67% decrease in the past 24 hours. Schiff believes that if this level does not hold, the flagship cryptocurrency could go down.
As you can see #Bitcoin is at critical support. If it doesn’t hold, look out below. It’s a long way down. pic.twitter.com/uP9I24dILI
— Peter Schiff (@PeterSchiff) July 4, 2024
While Schiff’s stance resonates with the current state of BTC, it is worth noting that the renowned economist and vocal critic has constantly pointed out the cracks in Bitcoin. As a gold proponent, he usually compares the coin to gold. Last month, Schiff stated that Bitcoin was down over 30% in gold terms. For him, this is an indication of a looming bear market.
On its own, Bitcoin has not shown a positive sentiment in the last few days. Rather, the firstborn digital currency is now a source of concern to investors. Furthermore, the broad crypto market is on the edge because of the Mt.Gox Rehabilitation Plan which will push more BTC into the market.
What Next For BTC Price?
As it stands, the crypto industry is seeing massive liquidation. With Mt.Gox repaying affected customers $9 billion in Bitcoin and Bitcoin Cash, there is a likelihood of more liquidation which could trigger a more bearish twist for BTC.
Based on the plan, the repayment kick-off this July with cryptocurrency exchanges which the Rehabilitation Trustee Nobuaki Kobayashi, has completed the exchange and confirmation of the required information.
When this repayment set to go live soon, the fate of BTC may be hanging by a thread, supporting Schiff’s stance. On the other hand, spot Bitcoin ETFs are currently seeing outflows but could change to inflows to give the coin support at $57,000.
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