50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Bitcoin's 'Party Is Over': Why Peter Schiff Sees Bitcoin In A Bear Market

Published 02/05/2024, 17:01
Updated 02/05/2024, 18:10
© Reuters.  Bitcoin's 'Party Is Over': Why Peter Schiff Sees Bitcoin In A Bear Market
BTC/USD
-

Benzinga - by Khyathi Dalal, Benzinga Staff Writer.

Prominent economist Peter Schiff expressed his views on the current state of Bitcoin (CRYPTO: BTC), stating that despite the hype surrounding spot Bitcoin ETFs, the crypto king is in a bear market.

What Happened: In a Thursday post on X, Schiff compared Bitcoin's performance to gold, saying “Despite all the hype around the BitcoinETFs, Bitcoin is clearly in a bear market. It’s down 23% in dollars, but 33% priced in gold, with one Bitcoin now worth fewer than 25 ounces.” He further added, "Turn out the lights HODLers, the party is over.”

The tweet comes on the heels of his technical analysis, pointing out that Bitcoin’s previous support level of $60,000 now acts as resistance.

The post was met with backlash from the crypto community, with heavily-followed trader Crypto Bitlord replying, "Yep, from $12 you've said it's a sham. You called it Peter!"

Another user pointed to Schiff’s previous bearish predictions that have not played out as anticipated:

Also Read: ‘I’ll Buy Ethereum, Dogecoin, And Maybe Pepe…When I Think Bitcoin Has Bottomed,’ Says This Prominent Crypto Analyst

Why It Matters: Schiff’s comments on Bitcoin come in the wake of his recent skepticism over the Federal Reserve’s economic outlook.

In a previous post, Schiff criticized Powell’s inability to recognize the signs of stagflation, comparing it to previous Federal Reserve misstatements, such as underestimating the subprime crisis and inflation rates.

His latest tweet on Bitcoin’s bear market further emphasizes his critical stance on the current economic climate and the perceived overvaluation of certain assets.

Schiff, in a tweet on May 1, highlighted that Bitcoin has fallen into the danger zone and now it is “do or die” for the apex crypto.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Why Bitcoin Might Drop Another 20%: 10x Research

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.