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Bitcoin (BTC) Price Is Ready to Crash
Alex Dobnya
Bitcoin critic Peter Schiff has issued a major warning about Bitcoin after the leading cryptocurrency’s price fell below the $60,000 level again
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Peter Schiff, one of Bitcoin’s most prolific critics, has already weighed on the latest cryptocurrency crash. In a recent social media post, he predicted that the largest digital asset by market cap is ready to collapse.
At the same time, he urged his followers to bet on gold and silver as he believes these precious metals are on track to explode.
This morning, the leading cryptocurrency fell below the crucial $60,000 support level for the first time since June 25, hitting an intraday low of $59,712, according to CoinGecko data.
The price decline came despite Bitcoin exchange-traded funds (ETFs) seeing their fifth consecutive day of inflows ($13.7 million). BlackRock’s IBIT led the way with inflows worth $14.1 million. Together with other funds, it managed to offset Grayscale’s $32.4 million outflows.
Analyst James Seyffart recently commented that total net inflows into Bitcoin ETFs remain at healthy levels. However, he also noted the continued decline in trading volumes, which have so far struggled to surpass $3 billion since May.
According to Markus Thielen, founder of 10x Research, the $60,000 level could prove to be crucial for bulls, as it is close to the average entry price of Bitcoin ETF buyers. A strong break below that price point could trigger a wave of liquidations, according to the analyst. In April, Schiff warned that buyers of these products would face huge losses.
Meanwhile, gold is currently trading near the top of its current trading range, at $2,375 an ounce.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.