Recently, famous gold investor Peter Schiff used social media platforms (formerly Twitter) to predict a significant drop in the price of Bitcoin (BTC). The world’s largest cryptocurrency is down 12.9% from its all-time high of $73,737 recorded on March 14. Has Bitcoin peaked yet?
Schiff recalls a trend that emerged when many Bitcoin advocates started adding laser eyes to their social media profiles, a phenomenon similar to the market in 2011. This attracted interest from prominent individuals and even politicians like Wyoming Senator Cynthia Lummis. However, after Bitcoin prices plummeted the following year, returning to $16,000 in November 2022, it became a warning of excessive exuberance in the cryptocurrency market.
Schiff also expressed his skepticism about the bloat of spot Bitcoin ETFs, in part because they have enjoyed great success since their launch in January. He credits the string of record-breaking inflows will continue and Bitcoin will experience a strong reversal after recording significant gains in 2024.
#HODLers, do you remember how bullish you all were in Nov. 2021 when #Bitcoin traded $69K? I do. How many still have your laser eyes? A year later Bitcoin traded below $16K, almost 80% lower. Given that most are even more bullish now, an even bigger crash likely lies ahead.
— Peter Schiff (@PeterSchiff) March 19, 2024
Furthermore, Schiff criticized the impact of the upcoming Bitcoin halving, a measure that many analysts expect will increase the price of the leading cryptocurrency.
Related: Whale Bitcoin Accumulation Frenzy Signals Imminent Price Recovery
Notably, the fear and greed index in the cryptocurrency market remains at the “extreme greed” level at 79, even though Bitcoin’s price has dropped significantly from its recent highs. According to data from CoinGlass, at the time of writing, Bitcoin is trading at $64,410 after falling 5.5% over the past 24 hours, and long positions worth about $442 million have been liquidated in the past 24 hours same time period.
Mantaps
Thanks for the knowledge. I am obliged.