According to Odaily, economist and gold advocate Peter Schiff has expressed his views on the current state of the Bitcoin market. He stated this week on platform X that the Bitcoin bear market still has a long way to go and is currently at a 'critical support level.' If this level is not stable, the price could potentially plummet significantly.
Schiff attributes part of Bitcoin's decline to the repayment-related sales of Mt.Gox. However, he argues that this also exposes the 'myth of institutional demand.' Schiff stated, 'If such demand indeed existed, buyers would seize the opportunity to purchase Mt.Gox Bitcoin off-market. Judging by trading activity, Bitcoin ETF buyers seem to still be holding. So far, there are no signs of panic. Bitcoin may need to fall significantly before they finally surrender. This could happen as early as next week, especially after another large-scale sell-off this weekend.'
Schiff also commented on the price of Ethereum, predicting that it is about to fall to $1,500. He suggested that those who bought into the rumors of an Ethereum ETF are eager to sell.