Peter Schiff Predicts 'Real Selling' in Bitcoin Once It Hits $38,000

IconCryptoNewsTerminal Staff04 Jul, 2024

cryptonews.jpg

Peter Schiff Predicts 'Real Selling' in Bitcoin Once It Hits $38,000

Bitcoin critic and gold advocate Peter Schiff has issued a warning, stating that the real selling in Bitcoin will commence if it drops to $38,000. According to Schiff, more than 70% of investors who purchased the Bitcoin spot ETF at $54,000 are currently facing losses. He anticipates that when Bitcoin falls to $38,000, every single buyer of the ETF will be underwater, triggering a wave of capitulation among weak-handed investors and initiating significant selling pressure. At the time of writing, Bitcoin is trading at $54,324.98, having experienced a 4.77% decline. Schiff's prediction serves as a reminder of the inherent volatility associated with Bitcoin and the potential for substantial losses, particularly for those who purchase at elevated prices.

Related News