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Schiff Predicts Bitcoin Price Will Keep Falling for Several Years

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Fri, 21/06/2024 - 16:09
Schiff Predicts Bitcoin Price Will Keep Falling for Several Years
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Bitcoin detractor Peter Schiff has predicted that the price of the leading cryptocurrency by market capitalization will continue to fall over the next couple of years. 

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"You can keep looking at that chart for the next several years while the price of Bitcoin continues to fall and the price of gold continues to rise," Schiff wrote on the X social media platform. 

Schiff has noted that Bitcoin is now down 14% since hitting its all-time high of $73,737 on March 14. For comparison, gold has surged by 10% over the same period of time. 

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Those who sold their gold ETFs in order to purchase Bitcoin are now down as much as 24%. "How long before they realize they made a mistake?" Schiff asks. 

Earlier this Friday, the price of Bitcoin slipped to an intraday low of $63,356, the lowest level on May 15, on the Bitstamp exchange. 

On Thursday, Bitcoin ETFs experienced net outflows of $140 million, putting additional pressure on bulls. These products have now recorded six consecutive days of negative flows. 

Some recent bullish catalysts include the launch of VanEck's spot Bitcoin ETF in Australia and MicroStrategy's massive $768 million Bitcoin purchase. However, this bullish news was most likely priced in, and the market continued to languish.

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Julio Moreno, head of research at cryptocurrency analytics firm CryptoQuant, has noted that the Bitcoin market is currently in its least bullish state since September 2023.

Pseudonymous Bitcoin trader DonAlt has noted that the Bitcoin price is currently facing its do-or-die moment on the weekly chart. If Bitcoin manages to hold the current support level, DonAlt believes that new all-time highs are "likely."

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