Gold bug Peter Schiff predicts Bitcoin sell-off will intensify when price drops under $38,000
- Peter Schiff predicted that 100% of Bitcoin ETF buyers will lose money when BTC trades below $38,000.
- Schiff expects the sell-off to intensify once Bitcoin ETF buyers are underwater on their investment.
- Bitcoin swept a low of $53,485 early on Friday.
Peter Schiff, American stockbroker and financial commentator, shared his views on where Bitcoin is headed in a recent tweet on X. As Bitcoin slips under key support at $54,000 early on Friday, Schiff predicts an intense sell-off once the asset drops below $38,000.
Schiff is popular in the crypto community for his criticism of the largest asset by market capitalization on several occasions in previous cycles.
Peter Schiff calls intense sell-off if Bitcoin drops under $38,000
Peter Schiff notes that over 70% of Bitcoin ETF buyers are underwater on their investment once BTC is under $54,000. Schiff believes that a decline to the $38,000 level would mean that 100% of Bitcoin ETF buyers will lose money.
Schiff expects the Bitcoin sell-off to intensify as most crypto ETF speculators shed their holdings and realize losses. Schiff says under $38,000, he expects “the real selling to start, as most crypto ETF speculators will throw in the towel for good.”
At $54K my guess is that over 70% of those who bought #BitcoinETFs are losing money. When #Bitcoin trades below $38K, 100% of Bitcoin ETF buyers will be losing money. That's when I expect the real selling to start, as most #crypto ETF speculators will throw in the towel for good.
— Peter Schiff (@PeterSchiff) July 5, 2024
Schiff argued that Gold has been a better asset than “everything since inception.” The stockbroker supports his argument by stating that,
Most people who bought Bitcoin are down. Almost everyone who bought Gold is up.
Bitcoin hit its lowest point since February 2024, erasing gains from the past four months. The asset swept $53,485 at its lowest point on Friday. Bitcoin trades at $56,834 at the time of writing.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
