Bitcoin has once again surpassed the $30,000 mark. This incident received mixed reactions from market analysts. Among them, famous commentator and gold bug Peter Schiff recently expressed his doubts about this rally. Schiff attributed this to the news surrounding Grayscale Bitcoin Trust (GBTC), which aims to be a spot Bitcoin ETF.
Peter Schiff: GBTC will actually drop the price of Bitcoin!
The prominent financial expert hinted that Bitcoin’s rise may not be entirely bullish, especially in the context of Grayscale Bitcoin Trust (GBTC) planning its conversion into a spot Bitcoin ETF. Peter Schiff stated that the conversion of GBTC has the potential to bring large amounts of Bitcoin back into circulation. Schiff juxtaposed this development with other market movements, such as gold’s rise. In this context, gold bug Peter Schiff made the following suggestive post on his X account:
I’m sure that with Bitcoin trading above $30k again, CNBC is reporting on the actually bearish news that GBTC will turn into a spot Bitcoin ETF, putting 622k previously locked up Bitcoin back into circulation, even after rising above $2k. will completely ignore the rally.
What is the technical picture of the leading cryptocurrency?
The recent rise of Bitcoin price has attracted the attention of many people. cryptokoin.comAs you follow from , BTC rose above $30,000 for a while. Although it later pulled back, it continues to trade close to these levels. BTC has seen growth and an impressive increase of nearly 12% over the past week. Crypto analyst Elana R explains what she sees in the technical picture as follows.
The fluctuation in Bitcoin’s performance also shows itself in market indicators. The weekly Relative Strength Index (RSI) seems to be dancing around the midline. Additionally, this implies that the bulls still have some steam left. Interestingly, the Awesome Oscillator (AO) is approaching the zero mean level. However, if the Bitcoin price drops significantly, it could trigger a series of liquidations. Therefore, this situation could potentially open the door to a downward trend.
If the decline continues, the $25,000 zone is likely to act as a cushion for Bitcoin. Still, a deeper dive beyond this point could sink the coin below $20,000. On a brighter note, if market optimism and ETF-related enthusiasm continues to grow, it is possible that Bitcoin could challenge the $32,000 barrier. Exceeding this will likely raise the price to an ambitious level of $35,000.
GBTC conversion and what it means for Bitcoin
Amidst all the market speculation, Grayscale’s dispute with the Securities and Exchange Commission regarding its spot Bitcoin ETF application remains in the spotlight. The next steps are still unclear. Industry whispers indicate the SEC will greenlight new ETFs later this year or in 2024. If this happens, Grayscale will convert its Bitcoin Trust (GBTC) into an exchange-listed product. Thus, it aims to create a wider investor base for BTC.
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