Bitcoin critic Peter Schiff believes that the price of the cryptocurrency will keep going down over the next few years. Schiff said in a new post on the X platform, “You can keep looking at that chart for the next few years while the price of Bitcoin keeps going down and the price of gold keeps going up.”
He pointed out that Bitcoin is down 14% from its all-time high of $73,737, which it hit on March 14, while gold has gone up 10% in the same time period.
Bitcoin Market Analysis Overview
Schiff said that people who sold their gold ETFs to buy BTC are now losing up to 24% of their money. He asked, “How long before they realize they were wrong?” BTC hit a low point of $63,356 on the Bitstamp market on Friday, which was its lowest level since May 15.
On Thursday, $140 million was taken out of Bitcoin ETFs, which put more pressure on the market. These goods have now had negative flows for six days in a row. Even though VanEck’s spot Bitcoin ETF launched in Australia and MicroStrategy bought BTC for $768 million, the market stayed slow, which suggests that this positive development was already taken into account.
The head of study at CryptoQuant, Julio Moreno, said that the BTC market is the least optimistic it has been since September 2023. A trader who went by the name DonAlt said that BTC is at a very important point on the weekly chart. He thinks that new all-time highs are “likely” to happen if BTC can stay above its current support level.
