Gold bug Peter Schiff predicts a drawdown in the price of Bitcoin (BTCUSD) as institutional investors gear up for the launch of the United States’ first Bitcoin spot price exchange-traded fund (ETF). A well-known Bitcoin critic, Schiff has continually insisted Bitcoin’s value will return to zero and no one wants to hold it except to sell it at a higher price later. He believes a BTC price “crash” is possible before and after the ETF launch.
Amid recent Bitcoin price gains to 18-month highs, the focus has turned to the upcoming ETF launch, expected to be approved sometime in early 2024 and rumored to debut in November. Despite speculation that a green light for the BTC ETF could have propelled the recent price climb past $37,000, Schiff believes a price comedown may happen even before the ETF is officially launched.
In a survey on November 9, Schiff offered two scenarios for a Bitcoin “crash” – before and after the ETF launch, but respondents mostly chose “Buy and HODL till the moon,” as the popular choice. However, Schiff maintains his position, stating, “Based on the results I guess that Bitcoin crashes before the ETF launch. That’s why the people who bought the rumor won’t profit if they wait for the fact to sell.”
On the other hand, despite Schiff’s bearish outlook, the mood among institutional investors regarding the ETF is lightening. AllianceBernstein, for instance, predicted a BTC price peak of up to $150,000 in the next cycle. They mentioned that ETF flows could begin slowly and build up post-halving, leading to a potential cycle peak in 2025. They also suggested that the current BTC breakout is pricing in the ETF approval news, which might ultimately disappoint the market in the short run.
The situation with Bitcoin and its ETF approval is subject to change, and this article does not provide investment advice. Readers are encouraged to conduct their research and make decisions based on their findings.