Renowned Economist Warns Of Bitcoin Crash Before Spot ETF Approvals
2023年11月13日 - 10:00PM
NEWSBTC
The entire crypto industry is waiting for the approval of Spot
Bitcoin ETFs in the US to upend the market and herald the next
extended bullish run for BTX. However, Chief Economist Peter Schiff
is of another thought and is of the idea that a BTC price crash is
on the horizon even before the SEC gives the green light on spot
Bitcoin ETFs. Economist Peter Schiff Warns of Potential
Bitcoin Crash Schiff created a poll on social media recently and
asked his more than 980,000 followers to vote on a timeline for the
next Bitcoin crash. The poll attracted a total of 24,599 votes,
with the majority of respondents indicating that they anticipate a
decline in price well after spot Bitcoin ETFs are approved.
However, a majority (68.1%) choose the “Buy and HODL till the moon”
option, indicating the long-term holding sentiment of many BTC
traders. Related Reading: New All-Time Highs For Bitcoin In
2023? Analyst Shares Ultra Bullish Prediction When will #Bitcoin
crash? — Peter Schiff (@PeterSchiff) November 9, 2023 Schiff
disagreed with the outcome of this poll voted on by his followers.
The economist is of the notion that the results pointed to a crash
before the ETF launch despite the option receiving only 8.9% of
votes. Based on the results my guess is that Bitcoin crashes before
the ETF launch. That why the people who bought the rumor won’t
actually profit if they wait for the fact to sell. — Peter Schiff
(@PeterSchiff) November 10, 2023 This thought process is definitely
not what Bitcoin bulls want to hear right now, as the post
attracted comments disagreeing with Schiff. One user stated, “I
would say that based on your results 70% of your followers hold
#Bitcoin, that should tell you something.” Why Does Peter Schiff
Predict a Crash Before ETF Approvals? Schiff had made a post last
month during Bitcoin’s climb above $30,000 to give some sort of
explanation on his thought process. According to him, investors are
buying BTC now because they expect more investors to rush in once
spot Bitcoin ETFs are approved. But there could be more people
waiting to sell and make a profit on the price influx. This
statement could be somewhat true, as BTC could crash if holders
decide to sell their assets during soaring prices. As expected,
many investors disagreed with him. Speculators are buying #Bitcoin
now because they think other speculators are waiting to buy a
#BitcoinETF. They will soon discover that there are far more
speculators waiting to sell then waiting to buy! — Peter Schiff
(@PeterSchiff) October 23, 2023 Related Reading: Shiba Inu Price
Prediction: Machine Learning Algorithm Reveals December Target
Schiff has been known to make comments contradicting market
sentiment around Bitcoin. A post made as far back as November 2018
showed the economist saying Bitcoin could crash from $3,800 to
$750. The cryptocurrency would go ahead to reach $13,000 in the
months after. Don’t make the mistake of thinking that buying
#Bitcoin below $3,800 is a bargain just because the current price
is better than 80% below its record high. Bitcoin’s price could
easily drop another 80% from here, and at $750 it would still be
expensive! — Peter Schiff (@PeterSchiff) November 25, 2018 The
Bullish Case For Spot Bitcoin ETFs With SEC approval of Bitcoin
spot ETFs seemingly on the horizon, the bullish case for Bitcoin is
building. The introduction of spot ETFs will usher in a new wave of
investors and inject new money into BTC that could drive prices far
higher long term. The SEC has reportedly set a window from
November 8 to 17 to decide on applications, but the industry could
see the decision delayed until January 2024. Bitcoin is
trading at $36,990 at the time of writing and is eyeing the next
resistance at $37,000. BTC bulls reclaim $37,000 | Source: BTCUSD
on Tradingview.com Featured image from Investment Monitor, chart
from Tradingview.com
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