Prominent economist Peter Schiff expressed his views on the current state of Bitcoin (CRYPTO: BTC), stating that despite the hype surrounding spot Bitcoin ETFs, the crypto king is in a bear market.
What Happened: In a Thursday post on X, Schiff compared Bitcoin’s performance to gold, saying “Despite all the hype around the BitcoinETFs, Bitcoin is clearly in a bear market. It’s down 23% in dollars, but 33% priced in gold, with one Bitcoin now worth fewer than 25 ounces.” He further added, “Turn out the lights HODLers, the party is over.”
The tweet comes on the heels of his technical analysis, pointing out that Bitcoin’s previous support level of $60,000 now acts as resistance. The post was met with backlash from the crypto community, with heavily-followed trader Crypto Bitlord replying, “Yep, from $12 you’ve said it’s a sham. You called it Peter!”…Story continues…
By Khyathi Dalal
Source: Bitcoin’s ‘Party Is Over’: Why Peter Schiff Sees Bitcoin In A Bear Market
.
Read more:
Online Marketing Scoops 
Leave a Reply