As a researcher with a background in finance and cryptocurrencies, I have closely followed the developments in the Bitcoin market for several years. Peter Schiff’s latest prediction of Bitcoin being in “bear market territory” comes as no surprise to me, given the recent bearish trends in the market.
Expert: Peter Schiff, Bitcoin‘s prominent critic, has expressed on X social media platform that Bitcoin has entered the phase of a bear market.
The top cryptocurrency by market value dipped to a low of $58,456 on June 24, marking its weakest point since May 2.
Last week, Bitcoin faced instability as US-based exchange-traded funds experienced significant withdrawals, and bearish elements like economic uncertainties and the German government’s selling spree added to the downward pressure.
On Mondays, the fortunes of Bitcoin supporters took a downturn when news broke that notorious cryptocurrency exchange Mt. Gox, which was hacked in 2014, would initiate reimbursements in July.
The specific extent of selling pressure is uncertain, yet Schiff anticipates that the value of the premier cryptocurrency could experience a significant further decrease before the release of Bitcoins from the Mt. Gox scandal begins affecting the market.
Although Bitcoin has fallen over 20% from its peak, Schiff asserts that this correction in price has come to an end. He further commented, “The bear market is still in its infancy.”
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2024-06-25 09:04