Prominent economist Peter Schiff expressed his views on the current state of Bitcoin BTC/USD, stating that despite the hype surrounding spot Bitcoin ETFs, the crypto king is in a bear market.
What Happened: In a Thursday post on X, Schiff compared Bitcoin's performance to gold, saying “Despite all the hype around the BitcoinETFs, Bitcoin is clearly in a bear market. It’s down 23% in dollars, but 33% priced in gold, with one Bitcoin now worth fewer than 25 ounces.” He further added, "Turn out the lights HODLers, the party is over.”
The tweet comes on the heels of his technical analysis, pointing out that Bitcoin’s previous support level of $60,000 now acts as resistance.
The post was met with backlash from the crypto community, with heavily-followed trader Crypto Bitlord replying, "Yep, from $12 you've said it's a sham. You called it Peter!"
Another user pointed to Schiff’s previous bearish predictions that have not played out as anticipated:
Why It Matters: Schiff’s comments on Bitcoin come in the wake of his recent skepticism over the Federal Reserve’s economic outlook.
In a previous post, Schiff criticized Powell’s inability to recognize the signs of stagflation, comparing it to previous Federal Reserve misstatements, such as underestimating the subprime crisis and inflation rates.
His latest tweet on Bitcoin’s bear market further emphasizes his critical stance on the current economic climate and the perceived overvaluation of certain assets.
Schiff, in a tweet on May 1, highlighted that Bitcoin has fallen into the danger zone and now it is “do or die” for the apex crypto.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Why Bitcoin Might Drop Another 20%: 10x Research
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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