Coinspeaker
Peter Schiff Predicts Bitcoin Crash as US ETF Frenzy Gets Slowly Priced In despite High Optimism
The recent Bitcoin (BTC) breakout has significantly raised investors’ optimism for a continued bullish trend in the coming weeks toward the end of the year. Already, the altcoin market led by Ethereum (ETH), Solana (SOL), and Chainlink (LINK) has made significant gains in the past few days suggesting the bulls are in control. However, Peter Schiff, the Chief Economist and Global Strategist at Europac.com signaled a possible market crash before the highly anticipated approval of Bitcoin exchange-traded funds (ETF). Notably, Schiff was responding to a survey on when a Bitcoin crash will happen with options including before and after the ETF launch.
Peter Schiff and His Opinion on Bitcoin
While the majority of the respondents said that they would buy Bitcoin and hold till the moon, Schiff signaled a crash would likely happen before the ETF launch. Moreover, the analyst highlighted that the sell-the-news narrative could not work as the prices have already been factored in the recent breakout.
Based on the results my guess is that Bitcoin crashes before the ETF launch. That why the people who bought the rumor won't actually profit if they wait for the fact to sell.
— Peter Schiff (@PeterSchiff) November 10, 2023
The bearish narrative signaled by Schiff was, however, debunked by a web3 gaming researcher in the comment section as just another Schiff comment against Bitcoin. Moreover, Schiff expected Bitcoin price to fall further during the 2018 crash that pushed the top coin below $3,800, which was quickly followed by a robust rebound that yielded the 2021 bull run.
More importantly. It can easily drop to $750! pic.twitter.com/EMEPVCmEdr
— Obviously obvious (@Obviously_Obv) November 9, 2023
Different Opinion on Bitcoin Price Action
According to a recent report from AllianceBernstein, Bitcoin price is preparing for a macro breakout after the halving event fueled by the heightened buying pressure from institutional investors. However, the analysts at AllianceBernstein warned investors to avoid getting their hopes high as the inflow could take time to increase after the ETF launch. As such, the analysts highlighted that the Bitcoin full-blown rally will not be experienced until 2025 and not 2024 as some expect.
“We believe early flows could be slower and the build-up could be more gradual, and post-halving is when ETF flows momentum could build, leading to a cycle peak in 2025 and not 2024. The current BTC break-out is just simply ETF approval news getting slowly priced in and then the market monitors the initial outflows and likely gets disappointed in the short run,” the analysts noted.
As of this report, Bitcoin price traded around $36.9k, up approximately 37 percent in the past four weeks. The possibility of a Bitcoin reversal towards the support/resistance zone between $31k and $32k has significantly increased as more altcoins show signs of imminent breakout. Moreover, the weekly Relative Strength Index (RSI) hovered above 70, which is considered overbought.
Peter Schiff Predicts Bitcoin Crash as US ETF Frenzy Gets Slowly Priced In despite High Optimism
