The crypto market has turned into a bloodbath with a sharp sell-off. More than 70 percent of Bitcoin ETF investors are losing money as prices fall. Gold bug and Bitcoin hater Peter Schiff predicts further declines and widespread selling among investors. CryptoQuant CEO Ki Young Ju says a drop to $47,000 is possible.
“That’s when I wait for the real selling to begin!”
Cryptocoin.comAs you have been following on , FUD in the market has risen to historic highs. Following a sharp sell-off, the price of the leading crypto Bitcoin has fallen to $54,000. Peter Schiff, a Bitcoin critic and financial analyst, is doubling down on his skepticism of Bitcoin ETFs. He predicts significant losses for investors as the BTC price continues to fall from its peak. According to Schiff, the price of Bitcoin is currently around $54,000 (significantly down from the $70,000 high) and more than 70% of investors who bought into Bitcoin ETFs at higher prices are now facing losses.
I estimate that over 70% of those who bought Bitcoin ETFs at $54k lost money. When Bitcoin trades below $38k, 100% of Bitcoin ETF buyers will lose money. That’s when I expect the real sell-off to begin, as most crypto ETF speculators will throw in the towel forever.
As the market continues to fall, investors across the board are likely to see their assets dwindle if the downtrend continues. Schiff’s comments have drawn mixed reactions on social media platforms, highlighting the divisive views on cryptocurrency investments. Given his long-standing pessimism about Bitcoin’s role in financial markets, Schiff’s stance often clashes with the more bullish sentiments of other investors and analysts. Some users have suggested that Schiff’s predictions could be inversely proportional to actual market outcomes, a sentiment that adds a layer of speculative intrigue to his predictions.
CryptoQuant CEO: Bitcoin could drop to $47K, but…
The leading crypto fell by 6.6% in the last 24 hours, falling to $54,350 due to selling pressure. The decline coincided with the reactivation of Mt. Gox wallets, with Bitcoin being moved to BitBank and other addresses. Despite this, CryptoQuant CEO Ki Young Ju believes that Bitcoin’s bullish cycle is still ongoing. However, the analyst says that a short-term correction to $47,000 is possible. On the other hand, he thinks that the overall bullish cycle is not over yet. He advises investors to hold their positions until early to mid-next year, if their money is in place. In this regard, the analyst makes the following statement:
From a long-term perspective, I don’t think the bull cycle is over yet, and based on the realized prices of various wallet address groups, I think a short-term correction is open to $47k. If you’re spot, I think you should wait until early to mid next year, and I don’t think futures is a good market to take advantage of. I would recommend holding off and holding until there is a strong buyer.
Bitcoin ETF speculator will throw in the towel, according to Peter Schiff!
The US SEC marked a pivotal moment for the crypto industry when it approved spot Bitcoin ETFs in January. Meanwhile, Ethereum, the second-largest cryptocurrency, is poised for potential SEC approval. However, reports from Coinshares suggest that Ethereum products could see outflows just before the Ethereum ETF is approved. Despite the potential regulatory developments that could support the cryptocurrency market, Schiff’s grim outlook underscores the high-risk nature of investing in Bitcoin ETFs, especially given current market dynamics.
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