As a seasoned crypto investor with a few battle scars from past market corrections, I find Peter Schiff’s latest Bitcoin price prediction a familiar tune. The price volatility in the cryptocurrency market is not new to me; I have seen Bitcoin plunge and rebound before. However, every correction feels different, and it’s essential to consider the unique factors driving each one.
In a recent social media update, Peter Schiff, known for his criticism of Bitcoin, forecasted that the cryptocurrency’s price could potentially drop to around $3,500 should it fail to hold above the $15,000 mark.
After putting up a poll on social media, he sought the opinion of investors regarding their decision to continue investing in the front-runner cryptocurrency should its price reach $15,000.
Some users have pointed out that Bitcoin has undergone significant price drops in the past. However, these declines presented valuable buying chances for investors.
Schiff is curious to discover the extent of Bitcoin’s price drop that would eventually force its holders to surrender.
If Bitcoin’s price were to decline to $15,000, MicroStrategy – the largest corporate investor in Bitcoin – would face a significant loss of approximately $4.3 billion.
The Mt. Gox headwind
Today, the price of the dominant cryptocurrency took a dip to $65,479 earlier, primarily because of increased Mt. Gox refunds progressing steadily.
As a researcher studying cryptocurrency trends, I’ve come across an interesting observation by CryptoQuant’s Ki Young Ju. Contrary to what might have been anticipated, there was no substantial increase in Bitcoin outflows from the Kraken exchange. Being categorized as a “positive exchange,” this could imply that large-scale Bitcoin transfers or withdrawals were not taking place during that time.
About 30 minutes ago, Mt. Gox moved $2.47 billion worth of Bitcoin.
Lately, Bitcoin’s price has been boosted by significant investments in ETFs. Nevertheless, these ETFs recorded a net withdrawal of approximately $78 million on Thursday.
In a different article, the financial analyst challenged Bitcoin ETFs and maintained that the leading cryptocurrency provides minimal value. Previously, Bitcoin was touted for its elimination of intermediary custodians. As an alternative, if you’re inclined to rely on third parties, it would be more logical to trust them with your gold storage.
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2024-07-24 08:39