Pre-ETF BTC Price ‘Crash’ Or $150k By 2025? Bitcoin predictions vary.
Bitcoin (BTC) is “very likely” ahead of a key day for institutional investors, gold bug Peter Schiff said.
A recent move by X, a long-time Bitcoin skeptic, sounded the alarm over recent BTC price gains.
Schiff bet on BTC price “crash” ahead of ETF launch
Bitcoin is a favorite topic of criticism for Peter Schiff, chief economist and chief strategist at asset management firm Europac.
Over the years, unlike gold, he has repeatedly said that the price of Bitcoin will return to zero and no one wants to hold it except to sell it higher later.
Now, with BTC/USD hovering around 18-month highs, it's turning its attention to what it calls the launch of an exchange-traded fund (ETF) for the cryptocurrency — the United States' first bitcoin space.
Approval is thought to be as early as 2024, but rumors of a possible green light in November sent the stock soaring above $37,000 last week.
Although some believe that the announcement will be “selling the news”, where investors will reduce the uncertainty of ETF hits, for Schiff, the drop in the price of BTC may not even wait for that.
On November 9, X survey presented two scenarios for Bitcoin “crash” – before and after the launch of the ETF. Alternatively, respondents could choose “Buy and HODL to the Moon,” which ultimately became the most popular choice with 68% of nearly 25,000 votes.
Still, Schiff stood his ground.
“Based on the results, my guess is that Bitcoin will fall before the launch of the ETF,” he replied.
“So those who buy the rumor will not profit if they wait to sell the truth.”
When will #Bitcoin crash?
— Peter Schiff (@PeterSchiff) November 9, 2023
AllianzBernstein: Bitcoin ETF “Slowly Coming in Price”
As Cointelegraph reports, sentiment among the institutional sphere is easing as the ETF debate over the use of Bitcoin increasingly ends.
Related: Bitcoin ‘Terminal Price' Hints BTC's Next All-Time High Is At Least $110K
Among the most recent optimism is AllianceBernstein's BTC price forecast for the next cycle of $150,000 last week.
“We believe early flows are likely to be slow and construction likely to pick up gradually, and post-halving is a time when ETF inflows may build momentum, leading to a cyclical peak in 2025, not 2024,” analysts wrote in MarketWatch and in a note cited. Others.
“The current breakout in BTC is simply the news of the ETF's approval as the price gradually rises and the market tracks the initial flow and is likely to disappoint in the short term.”
The accompanying chart shows the past and future behavior of the BTC price over half-cycles.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
