Peter Schiff Analysis: Bitcoin Bear Market Can Still Fall Deeper

Bittime - Peter Schiff, an economist and staunch supporter of gold, has again expressed his skeptical view of crypto assets. Through the social media platform X, he warned of the potential for an even deeper Bitcoin Bear Market and Ethereum (ETH).

Schiff did not hesitate to state, "This bear market (falling prices) is far from over." He also shared a Bitcoin price chart, emphasizing that the crypto asset is now in the "critical support" area. 

This means that if this level is broken, the price of Bitcoin has the potential to experience a significant decline. "If you don't get stuck, watch out! The road to the bottom is still long," he said.

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Peter Schiff's Analysis of the Bitcoin Bear Market

In his latest tweet on Gox, a crypto exchange that was hacked in 2014. However, he believes that this incident also dismantled "the myth of high institutional demand" for Bitcoin.

"If the demand is truly there, buyers will take the opportunity to secure Mt. Gox Bitcoin outside the market," Schiff said.

Schiff's skeptical view is not only targeting the Bitcoin Bear Market. He also predicts a drastic price drop for Ethereum. 

"Ethereum is also breaking through an important support level. It is currently below $2,900, down 30% from its high point in March," he noted.

Furthermore, Schiff estimates that the price of Ethereum could fall by up to $1,500 (around IDR 24 million). "It seems that buyers who have been caught by rumors of an Ethereum ETF can't wait to sell their assets once the facts (ETF) really exist," he quipped.

It should be noted, Schiff's prediction is a personal view and is contrary to the optimism expressed by many crypto supporters. 

According to the CoinMarketCap website as of July 7 2024, Bitcoin is currently trading at around $57,718 (around IDR 938 million), while Ethereum is around $3,034 (around IDR 49.3 million).

Why is Peter Schiff Skeptical of Crypto?

Peter Schiff is known as a figure who is vocal in criticizing crypto assets. He believes more in gold as a hedging asset against inflation and economic uncertainty.

Some of the main reasons behind Schiff's skepticism towards crypto include:

• Lack of intrinsic value: Gold has intrinsic value due to its rare and historically valuable nature. In contrast, Bitcoin and other cryptocurrencies have no intrinsic value and their value is determined solely by market demand.
• High volatility: Crypto prices are volatile and susceptible to speculation. This makes crypto less suitable as a stable means of payment.
• Vulnerability to regulation: Government regulations can significantly affect the development and value of crypto.

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Different Views from Crypto Experts About the Bitcoin Bear Market

Even though Schiff expressed a skeptical view, not all financial experts agree with him. Many crypto analysts are actually optimistic about the future of Bitcoin and Ethereum. Several arguments that support a bullish (optimistic) view of crypto are:

• Widespread adoption: More and more financial institutions and large companies are starting to look at crypto as an investment asset. This has the potential to drive crypto prices up in the future.
• Innovative blockchain technology: The blockchain technology underlying crypto offers the potential for disruption across various financial and industrial sectors.
• The role of crypto as a hedge against inflation: Some investors view crypto as an alternative hedge asset against inflation, especially in countries with high inflation rates.

Conclusion

Peter Schiff's prediction regarding the decline in Bitcoin and Ethereum prices needs to be carefully examined, but cannot be accepted as true. The crypto market is known for its high volatility, so prices can fluctuate in a short time.

For investors interested in getting into the world of crypto, it is important to conduct in-depth research and understand the risks involved. Don't just stick to certain analyst predictions, but instead make wise investment decisions based on market conditions and your risk profile.

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