Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes. With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the “Halving” event.
Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions regarding spot Bitcoin ETFs (exchange-traded funds) were correct and presented the possibility of a doom drop for BTC.
Peter Schiff’s Doomsday Prediction For Bitcoin
Back in March, known Bitcoin opposer Peter Schiff asserted what he thought was the problem with Bitcoin ETFs. According to the economist, the problem with owning these investment products was that liquidity was limited to US market hours, which would mean that investors could not sell if the market crashed overnight.
As I warned if #Bitcoin starts selling off tonight, #BitcoinETF owners can do nothing but watch and wait until the NYSE opens tomorrow morning. In the meantime it will be a long night hoping that Bitcoin doesn’t crash before they have a chance to sell. https://t.co/GfLtl6Wc1S
— Peter Schiff (@PeterSchiff) April 14, 2024
On Sunday afternoon, Schiff claimed that, as he previously warned, Bitcoin ETF owners would be helpless if the flagship cryptocurrency started selling off that night. BTC traded around $63,460 at the time of his post and recovered in the following hour to trade above the $65,000 support level.
Earlier that day, Schiff had warned of a critical support zone for BTC. To the economist, breaking below $60,000 could “create a formidable triple top.” This trend reversal could lead to an “immediate downside projection” of $20,000.
Following his dooming scenario, Schiff stated that, at that price, MicroStrategy would “have a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K.” Additionally, he believes that BTC’s price could increase “before it crashes.”
Analysts Unfazed By BTC’s Correction
Several analysts concurred that the correction was a “minor drop” in the macro picture. According to MacroCRG, Bitcoin’s chart “looks incredible.” The analyst stated: “They threw a full-on war at her and all it managed to do was wick the range low.”
Similarly, trader and analyst Rekt Capital considers that BTC “successfully protected the Range Low of its Re-Accumulation Range as the week of the Bitcoin Halving begins.”
Per the analyst’s chart, Bitcoin is at the “Last…
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