Downfall In Pre-ETF BTC Pricing or $150K In 2025? Forecasts For Bitcoin Vary

Peter Schiff argues that the debut of the Bitcoin ETF may be beyond simply a sell-the-news moment for the value of Bitcoin.

Source: news.bitcoin.com

According to gold bug Peter Schiff, there will probably be a significant decline in the price of Bitcoin until a crucial deadline for large investors arrives. The veteran Bitcoin critic raised concerns about recent increases in BTC price during the recent X movement.

Schiff Places a Wager On A Drop In The Price Of Bitcoin Before The ETF Debuts

Peter Schiff, the head analyst and global director of the investment firm Europac, has a fondness for criticizing Bitcoin. He has maintained over the years that, in contrast to gold, the value of Bitcoin is set to zero so no one wants to store it other than to sell it for a profit at a later time. Now that the price of Bitcoin is hovering around 18-month records, he is focusing on what some predict will be a turning point in the cryptocurrency industry: the introduction of the first Bitcoin spot price exchange-traded fund (ETF) in the USA.

The permission is estimated to be required in early 2024, and last week's surge beyond $37,000 is believed to have been sparked by reports that an authorization may come in November. According to Schiff, a decline in the price of bitcoin may happen before investors have complete confidence in the ETF, despite the belief held by some that the release will trigger a sell-the-news scenario. He presented two possible Bitcoin crash situations in an X poll on November 9: one before and one after the ETF's introduction. As a substitute, participants may select Buy and HODL till the moon, which ended up receiving the majority of votes (68% of the almost 25,000 cast). 

Nevertheless, Schiff did not back down. He answered, “My prediction is that Bitcoin collapses before the ETF launch depending on the data.” AllianceBernstein, who recently projected a top of $150,000 for the period ahead, is one of the most recent bullish predictions for the price of Bitcoin. Analysts stated in a letter cited by MarketWatch and others that they think earlier inflows could be weaker, the process of accumulation could seem more steady and post-halving of ETF flows velocity could construct, resulting in a cyclical high in 2025 and not 2024.

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