Peter Schiff Claims Investors Holding Bitcoin ETFs Despite Market Downturn, Cautioning an Even Greater Decline Could Happen Within a Week

Bitcoin’s
BTC/USD value experienced a significant drop, sinking to a new four-month low of $53,717.38 on Friday, driven by
worries linked to the Mt. Gox exchange supply issues. In light of this decrease, notable gold advocate Peter Schiff forecasted an intensified downward trend.

Recent Developments: According to Schiff, who shared insights on X, previously known as Twitter, about seventy percent of spot Bitcoin ETF investors are facing losses with Bitcoin hovering around the $54,000 price point. Should Bitcoin’s price fall beneath $38,000, he warned that all Bitcoin ETF purchasers would be at a loss.

Schiff anticipates a wave of selling under these circumstances, as he expects most investors in #crypto ETFs to finally give up on the asset class.

Schiff noted that as Bitcoin rebounded from its recent low, there was an apparent absence of panic-selling among Bitcoin ETF holders, indicating that they were choosing to “HODL.”

He believes it would require a more substantial price drop for these investors to capitulate, possibly after further declines over the next weekend.

Related: Steps to Acquire Bitcoin (BTC)

Significance: The bearish movement in Bitcoin’s value is seen as contrasting with the bull market in U.S. stocks, which has led to record highs. Analysts speculate that the crypto sell-off may stem from the unclear political stance on cryptocurrencies from both leading U.S. parties.

Bitcoin had previously reached a peak of $73,750.07 on March 14, following renewed investor interest after the approval of a spot Bitcoin ETF.

Crypto analyst Ali Martinez pointed out the lack of significant support levels for Bitcoin, with $47,000 being the next potential demand zone. A secure uptrend requires Bitcoin to close above $61,000, according to Martinez.

The latest update shows Bitcoin experiencing a recovery, rising 2.42% to $56,806.82 as reported by Benzinga Pro data.

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