Bitcoin (BTC) Price Forecasted to Experience a Downward Breakout, Says Schiff
Peter Schiff, a prominent critic of Bitcoin, recently shared his perspective on the latest cryptocurrency market downturn. In a recent social media post, he expressed his belief that Bitcoin, the top digital asset by market capitalization, is on the verge of a significant decline.
Simultaneously, Schiff advised his followers to consider investing in gold and silver, suggesting that these precious metals are positioned for a breakout. The value of Bitcoin dropped below the critical $60,000 support level earlier today, marking the first instance since June 25 that it fell to an intraday low of $59,712, according to CoinGecko data.
Despite Bitcoin exchange-traded funds (ETFs) experiencing their fifth consecutive day of inflows, with $13.7 million coming in, the leading cryptocurrency faced challenges. Notably, BlackRock’s IBIT led the inflows with $14.1 million, countering the $32.4 million outflows recorded by Grayscale.
Analyst James Seyffart highlighted that while Bitcoin ETFs continue to see healthy net inflows, trading volumes have been steadily declining since May, struggling to surpass $3 billion. Markus Thielen, the founder of 10x Research, emphasized the significance of the $60,000 level for Bitcoin bulls, as it closely aligns with the average entry price of Bitcoin ETF buyers. A decisive drop below this level could trigger a wave of liquidations, potentially leading to substantial losses for ETF buyers.
In contrast, the price of gold currently hovers near the upper end of its current trading range at $2,375 per ounce. This market dynamic underscores the ongoing volatility and uncertainty within both the cryptocurrency and traditional precious metals sectors.
