2024-04-04 12:05:00
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Peter Schiff, who is already known for his criticism of Bitcoin, recently issued a warning to all Bitcoin bulls. According to him, the biggest crash in the Bitcoin price could be imminent.
• Peter Schiff known as a Bitcoin critic
• “Bitcoin is about to crash”
• Analysts see “massive bottom” for Bitcoin price
Schiff regrets not investing in Bitcoin
After Bitcoin was able to reach a new all-time high just a short time ago, things are now going down a bit again. The US economist and stock broker Peter Schiff took the latest correction as an opportunity to confirm his warnings. As BTC-ECHO reports, Schiff is one of the most well-known critics of the oldest cryptocurrency. Back in November 2013, during a CNBC interview, he compared Bitcoin to the tulip mania in Holland in the 17th century.
At that time, the concept of Bitcoin as “digital gold” was just emerging, and the price was around $355 after a rapid rise. If Schiff had invested in Bitcoin back then, he could now see a return of more than 10,000 percent in US dollars. That’s why he recently expressed regret in a podcast that he didn’t take the risk of investing in Bitcoin at the time, according to BTC-ECHO.
Warning to Bitcoin bulls
Peter Schiff is now back in his usual mode and gives Bitcoin hodlers a warning in a new post on X.
#HODLersdo 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
He compares the current euphoria due to the recent price rally with the situation in November 2021, when Bitcoin reached its then record high of around 69,000 US dollars. This record high was only recently broken and Bitcoin set a new all-time high of $73,750.07 on March 14, according to data from CoinMarketCap. Since then, however, the course has taken a different direction. Most recently, the cryptocurrency was only trading at $66,029.84 (as of April 3, 2024). “#HODLers, remember how bullish you all were in November 2021 when #Bitcoin was trading at $69K? I do. How many still have your laser eyes? A year later, Bitcoin was trading below $16K, almost 80% “Given that most are even more bullish now, an even bigger crash is likely to come,” said Schiff’s dark prediction.
In the long term, he still seems confident in his Bitcoin prediction from March 2021, according to BTC-ECHO: “Although a temporary rise to $100,000 is possible, a permanent fall to zero is inevitable.”
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Additionally, Peter Schiff also expresses his concerns about trading Bitcoin ETFs on X. In particular, he is worried about new BTC ETF investors due to limited liquidity, as they are powerless to face price declines outside of US stock exchange opening hours.
One problem with owning #Bitcoin in an ETF is that liquidity is limited to U.S. market hours. So if the market crashes overnight, you have no ability to sell until the U.S. market opens for trading in the morning. Very frustrating to watch helplessly with no ability to get out.
– Peter Schiff (@PeterSchiff) March 19, 2024
“One problem with owning #Bitcoin in an ETF is that liquidity is limited to US market hours, so if the market collapses overnight, you will have no opportunity to sell until the US market opens for trading in the morning “It’s very frustrating to watch helplessly and have no way to get out,” one of his tweets said.
Analysts: This is the maximum Bitcoin will fall
However, unlike Schiff, experts assume that Bitcoin will no longer fall as low in the future as it did in 2022. Recently, Marathon Digital’s assessment particularly attracted the attention of analysts. As a leading Bitcoin mining company, according to their assessment, the company’s breakeven point after the next BTC halving is $43,000. The breakeven point for miners is the point at which the cost of producing a Bitcoin equals the returns. This figure is therefore of particular interest as it can be viewed as a potential turning point for Bitcoin pricing and its future trends, explains Coincierge.
Renowned analysts in the crypto market are now stating that the breakeven cost point represents a “massive bottom” for the price of Bitcoin. This implies that Bitcoin price is unlikely to fall below this threshold in the long term, Coincierge said. For investors and market observers, this suggests that Marathon Digital’s breakeven point could serve as a potential reference point for Bitcoin’s minimum market price. If the trend reverses again, there will likely be strong buying interest from potential long-term investors. According to this analysis, even in the next bear market, this price barrier is unlikely to be broken so quickly.
However, it remains to be seen how the largest and oldest cryptocurrency will actually develop further.
Editorial team finanzen.net
This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.
Image source: tungtaechit / Shutterstock, Wit Olszewski / Shutterstock.com, Useacoin / Shutterstock.com
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