Peter Schiff makes a bold prediction about the timing of BTC crash

2023-12-12 04:15:10

This article is brief:

· Peter Schiff conducted a survey of his followers on the likelihood of a BTC crash, focusing on what happened before or after the launch of BTC ETFs.

Although his followers tend to crash after the ETF launches, Schiff disagrees and predicts that the ETF will crash before the launch.

Amid speculation about BTC’s future, recent reports highlight a significant spike in BTC prices, breaking through the $36,000 mark.

Chief economist Peter Schiff polled his 983,000 social media followers, asking them when they thought the price of BTC would plummet.

However, Schiff disagreed with the results provided by his followers.

Peter Schiff contradicts followers over BTC crash timing

Schiff asked his followers directly if the BTC crash would happen before or after the launch of BTC exchange-traded funds (ETFs). Results tend to be post-launch (23%), while 8% predict this will happen before launch.

However, Schiff refutes the results and presents his own judgment:

"Based on the results, my guess is that BTC crashed before the ETF was launched. That’s why those who buy rumors don’t actually make a profit if they wait until the truth to sell. ”

However, 68.1% chose the unbiased third option, “buy and hold until the moon.”

“I would say that based on your results, 70% of followers hold BTC, which should tell you something,” said one X user.

BTC ETF Approval Wants to Intensify Speculation

Several recent reports have highlighted a significant spike in BTC prices in anticipation of the imminent approval of BTC ETFs.

On Nov. 9, the media reported that BTC had breached the $36,000 mark. This level has never been seen since it fell below in May 2022.

At the same time, two Bloomberg analysts confidently assert that there is a 75% chance that a BTC ETF will be launched in the United States this year.

In an article published on X (formerly Twitter), Bloomberg senior ETF analyst Eric Balchunas announced increased confidence with James Seyffart in the prediction that the spot BTC ETF will be approved this year:

“James Seyffart and I have increased the likelihood of launching a spot BTC ETF this year to 75%.”

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.