The eternal critic of BTC Peter Schiff rejoices at the asset’s correction and is already predicting a decline to $38,000. Moreover, if this level is broken, the fall will accelerate:
“My guess is that at $54,000, over 70% of those who bought the#BitcoinETF are losing money. When#Bitcointrades below $38,000, 100% of Bitcoin ETF buyers will lose money. This is when I expect the real selling to begin as most#cryptoETF speculators will give up for good.”
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The time of aggressive “prophets” - “bears” is coming. Those who are waiting for BTC below $40,000, ETH (by the way, have you noticed how the narrative of the Ethereum ETF launch has gone nowhere?) below $2,000. And all altcoins are at minus 50-60-70% of the current ones.
Most of these prophets were very active and sarcastic during the April 12-May 1 BTC correction. Then, as befits bearish prophets in a bull market, they simply calmed down and went into the shadows as the BTC price rose from May 1 to May 20 and even until the end of the range from May 20 to June 7.
Everyone except Peter Schiff 😁. He is simply always against BTC and called on everyone to sell the asset even at $16,000 levels, before reversing and going to $73,000.
Interestingly, the adequate bulls did not exercise much of their wits against the bears when the market was rising. When the global market goes in your direction, most people don’t have the psychological need to attack those who bet on the opposite and prove that they are right.
Now the bears are again very active and sarcastic. Could they be right? They can. And BTC is indeed declining significantly more than we personally expected. But this, nevertheless, is not technically a break in the upward trend. Although there is an increasing danger of breakdown.
Even a fall to $44,000 now is not a break in the uptrend of the new cycle, but only a test of its 0.5 Fibonacci level. Although for many deposits this would be little consolation and a fatal decline.
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