The price of Bitcoin (BTC) is expected to face a significant downturn before the launch of a key date for institutional investors, according to gold advocate Peter Schiff. Known for his skepticism towards Bitcoin, Schiff has long opposed the digital currency by arguing that its value is destined to return to zero. He has also maintained that Bitcoin is inferior to gold as a store of value. However, with Bitcoin’s price reaching an 18-month high, Schiff’s attention has turned towards the launch of the first Bitcoin spot price exchange-traded fund (ETF) in the United States.
The approval for the ETF is anticipated in early 2024, but rumors of an early approval in November have led to a surge in Bitcoin’s price, reaching over $37,000. While many expect the ETF announcement to trigger a “sell the news” event, Schiff believes that the price of Bitcoin might experience a drop even before the launch of the ETF. In a recent survey, he proposed two scenarios for a Bitcoin “crash” – one before and one after the ETF launch. Despite the majority of respondents choosing to “Buy and HODL till the moon,” Schiff reiterated his belief that Bitcoin could crash before the ETF launch.
On the other hand, analysts at Alliance Bernstein have expressed optimism as the ETF debate looks poised to end in Bitcoin’s favor. They predict that early flows into Bitcoin could be slower, and that post-halving, the momentum for ETF flows could build, leading to a cycle peak in 2025 instead of 2024. According to their analysis, the current breakout in Bitcoin’s price is due to the gradual pricing in of the ETF approval news.
The optimistic forecast by Alliance Bernstein also includes a prediction of a peak price of $150,000 for Bitcoin in the next cycle. They believe that the market will monitor the initial outflows and may experience short-term disappointment. A chart accompanying their analysis outlines Bitcoin’s past and future behavior in connection with halving cycles.
While the debate over Bitcoin’s future price continues, it is important to note that this article does not contain investment advice or recommendations. It is important for readers to conduct their own research before making any investment or trading decisions.
In conclusion, with the anticipation of the ETF approval and differing opinions on the future of Bitcoin’s price, the cryptocurrency market continues to be a topic of interest and debate for investors and analysts alike.