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Notorious gold bug Peter Schiff not too long ago took to X (previously Twitter) to foretell a serious Bitcoin (BTC) worth crash.
The most important cryptocurrency has thus far dropped 12.9% from its all-time excessive of $73,737 which was achieved on March 14.
Has Bitcoin peaked?
Schiff recalled a pattern throughout which many proponents of Bitcoin had been including laser eyes to their social media profiles. This occurred on the peak of the bull market euphoria in 2011. The in some way cringe-worthy pattern concerned main celebrities and even politicians like Wyoming Senator Cynthia Lummis.
The pattern attracted a whole lot of mockery after the worth of the flagship cryptocurrency crashed the next 12 months, retracing all the way in which again to the $16,000 stage in November 2022.
This serves as a cautionary story about extreme exuberance within the crypto market.
Schiff additionally expressed skepticism towards much-hyped spot Bitcoin ETFs, which have skilled large success since their launch in January.
The gold proponent is satisfied that their streak of record-breaking inflows is now going to final, and Bitcoin goes to expertise a pointy reversal after recording substantial positive aspects in 2024.
Furthermore, Schiff has downplayed the affect of the upcoming Bitcoin halving, which many analysts anticipate to be one other bullish catalyst for the main cryptocurrency.
Excessive greed
It’s value mentioning that the Crypto Concern and Greed Index, which offers a rating of 0 to 100 as a way to gauge market sentiment, continues to be flashing “excessive greed” at 79 even if the worth of the biggest cryptocurrency has retraced considerably from its current peak.
At press time, Bitcoin is buying and selling at simply $64,410 after shedding 5.5% over the previous 24 hours.
Roughly $442 million value of lengthy positions have been liquidated over the previous 24 hours, based on CoinGlass knowledge.
