ChainCatcher reported that according to News.bitcoin, gold advocate and economist Peter Schiff said on the X platform this week that the Bitcoin bear market still has a long way to go and is currently "at a critical support level." If the support level is unstable, the price may fall sharply. Peter Schiff attributed the decline of Bitcoin in part to Mt. Gox's repayment of related sales, but he argued that this also exposed the "myth of institutional demand." He said: "If this demand does exist, buyers will seize the opportunity to buy Mt. Gox Bitcoin over the counter."
Peter Schiff also commented on spot Bitcoin ETFs, arguing that while Bitcoin ETF buyers are still holding, there are no signs of panic yet. "Based on trading activity, Bitcoin ETF buyers appear to be holding. So far, there are no signs of panic. Bitcoin may need to fall significantly before they finally capitulate. This could happen as early as next week, especially after another massive sell-off this weekend." Peter Schiff also predicted a drop in the price of Ethereum. "I think the price is about to fall to $1,500. It seems that those who bought the Ethereum ETF rumors can't wait to sell."
Earlier news, gold advocate Peter Schiff: The outflow of funds from the spot Bitcoin ETF will soon bring huge downward pressure on Bitcoin.
