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Bitcoin nemesis Peter Schiff has taken to the X social media network to state that the largest cryptocurrency is already in "bear market territory."
This comes after the leading cryptocurrency by market cap plunged to $58,456 on June 24, reaching its lowest level since May 2.
Last week, Bitcoin was already on shaky ground due to massive outflows recorded by US-based exchange-traded funds and other bearish factors such as macroeconomic uncertainty and a recent selling spree initiated by the German government.
Alex DovbnyaOn Monday, things took a turn for the worse for Bitcoin bulls after Mt. Gox, the infamous crypto exchange that got hacked in 2014, announced that it would start repayments in July.
The exact level of selling pressure remains unclear, but Schiff predicts that the price of the leading cryptocurrency might drop "a lot more" before the Mt. Gox Bitcoin even starts hitting the market.
Despite the fact that Bitcoin has now dropped more than 20% from its record high, Schiff believes that the price correction is now over. "The bear is still young," he added.
In the meantime, the Fear & Greed Index, a popular tool for gauging investor sentiment, has plunged to 30. This is the lowest index value since Sept. 20.
At press time, Bitcoin is trading at $61,133 on the Bitstamp exchange.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team