Scary Bitcoin Prediction from Peter Schiff and CryptoQuant CEO!

Peter Schiff ve CryptoQuant CEO'sundan Korkutan Bitcoin Tahmini!
Peter Schiff ve CryptoQuant CEO'sundan Korkutan Bitcoin Tahmini!

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The crypto market has turned into a bloodbath with a sharp sell-off. More than 70 percent of Bitcoin ETF investors are taking losses as prices fall. Gold bug and Bitcoin foe Peter Schiff predicts further declines and widespread selling among investors. Ki Young Ju, CEO of CryptoQuant, says a drop to $47,000 is possible.

“That’s when I expect the real selling to start!”

As you have been following on, FUD in the market rose to historic highs. Following the hard sell-off, the price of the leading crypto Bitcoin fell as low as $54,000. Peter Schiff, a Bitcoin critic and financial analyst, doubles down on his skepticism towards Bitcoin ETFs. He predicts significant losses for investors as the BTC price continues to fall from its peak. According to Schiff, the price of Bitcoin is currently around $54,000 (significantly lower than the high of $70,000) and more than 70% of investors who bought Bitcoin ETFs at higher prices are now facing losses.

At $54,000, I estimate that more than 70% of Bitcoin ETF buyers are losing money. When Bitcoin trades below $38,000, 100% of Bitcoin ETF buyers will lose money. That’s when I expect the real sell-off to begin, as most crypto ETF speculators will throw in the towel for good.

As the market continues to fall, he believes that all investors could see their holdings diminish if the downtrend continues. Schiff’s comments sparked mixed reactions on social media platforms, underscoring divisive views on cryptocurrency investments. Given his longstanding pessimism regarding Bitcoin’s role in financial markets, Schiff’s stance often clashes with the more bullish sentiments of other investors and analysts. Some users have suggested that Schiff’s predictions may be inversely proportional to actual market outcomes, a thought that adds a layer of speculative intrigue to his predictions.

CryptoQuant CEO: Bitcoin could fall as low as $47,000, but…

The leading crypto has fallen 6.6% in the past 24 hours to $54,350 amid selling pressure. The decline is attributed to the reactivation of Mt. Gox wallets were reactivated as Bitcoins were moved to BitBank and other addresses. Despite this, CryptoQuant CEO Ki Young Ju believes that Bitcoin’s bullish cycle still continues. However, the analyst says that a short-term correction towards $47,000 is possible. On the other hand, he thinks that the overall bullish cycle is not over yet. He advises traders to hold their positions until early to mid next year if they have the money in place. In this context, the analyst makes the following statement:

From a long-term perspective, I don’t think the bull cycle is over yet, and based on the realized prices of various groups of wallet addresses, I think the short-term correction is open up to $47k. If you are spot, I think you should wait until early to mid next year, and I don’t think it’s a good market to take advantage of futures. I would advise you not to trade and take a break until there is a strong buyer.

Bitcoin ETF speculator to throw in the towel, says Peter Schiff!

The US SEC approved spot Bitcoin ETFs in January, marking a pivotal moment for the crypto industry. Meanwhile, Ethereum, the second largest cryptocurrency, is preparing for potential approval by the SEC. However, reports published by Coinshares suggest that just before the approval of the Ethereum ETF, Ethereum products could see outflows. Despite the potential for regulatory developments that could support the cryptocurrency market, Schiff’s grim outlook underscores the high-risk nature of investing in Bitcoin ETFs, especially given current market dynamics.

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Scary Bitcoin Prediction from Peter Schiff and CryptoQuant CEO!