U.Today – Financial commentator and critic Peter Schiff, in a recent post on X, provided some insight into the world's leading digital asset. According to his opinion, the price of Bitcoin will not fall below the current level, as Bitcoin ETF buyers have not yet panicked.
Schiff: Resilient Bitcoin ETF whales will determine price
It is worth noting that Schiff assessed the trading activity of Bitcoin ETF whales. The available metrics show that these large holders are unfazed by the recent drop in the price of Bitcoin below the $60,000 level in the past few days.
According to data from CoinMarketCap, Bitcoin is currently up 3.73% to $56,536.78 over the past 24 hours. This significant increase comes after the digital asset plummeted to $53,900. Analysts had attributed this to the German government transferring $1,000,000 to Bitstamp, Kraken, and Coinbase (NASDAQ:). The recently transferred BTC was worth approximately $75.53 million.
According to Schiff’s latest analysis, a further Bitcoin price drop will be needed for whales to give up and start dumping the asset. If Bitcoin ETF holders hit the sell button, this will drive the BTC price down even further.
Schiff sees that scenario as likely next week. Notably, the Bitcoin critic bases his projections on a major sell-off this weekend.
Critical warning for investors
Recently, Peter Schiff suggested on a chart that Bitcoin will lose around 60% of its value. Some market observers say Schiff’s predictions seem unlikely, as that would cause Bitcoin to plummet below $30,000.
These analysts argue that Schiff leans toward the bearish extremes because he is not a fan of the digital asset.
Meanwhile, Schiff has issued a critical warning to Bitcoin ETF investors, noting that given its poor performance in the second quarter of this year compared to gold, the digital asset is likely to suffer further losses.
This article was originally published on U.Today
