bullish

Bitcoin

when

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Peter Schiff, a well-known critic of <a href="https://u.today/ethereum-eth-32-billion-catastrophe-continues-bitcoin-btc-in-limbo-for-200-days-xrp-showed-weirdest" rel="noopener noreferrer nofollow">Bitcoin,</a> is once again sounding the alarm, claiming that the digital asset is in a bear market. Schiff notes that Bitcoin has underperformed dramatically when compared to gold, noting that since its peak almost three years ago, the price of the cryptocurrency has <a href="https://x.com/PeterSchiff/status/1841894299685748926" rel="noopener noreferrer nofollow">dropped</a> by roughly 40%.&nbsp;
Schiff gives HODLers a direct message: Bitcoin's ongoing difficulties may indicate that investors are failing to acknowledge the realities of the market. Schiff contends that although Bitcoin is presently holding above the crucial $60,000 support level, this is only a temporary state of affairs.&nbsp; <img alt="BTCUSDT" src="https://u.today/sites/default/files/inline-images/image_1272.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">BTC/USDT Chart by TradingView</a>
Schiff claims that the weakness of <a href="https://u.today/michael-saylor-calls-bitcoin-lightning-in-a-bottle-as-btc-drops-7" rel="noopener noreferrer nofollow">Bitcoin</a> in comparison to gold is becoming more obvious as long as global macroeconomic conditions continue to place a significant burden on risk assets like Bitcoin. However, information gathered by Glassnode offers a more complex picture of the recent behavior of the Bitcoin market.&nbsp;
About 4-5% of all net capital inflows into Bitcoin since the beginning of January can be linked to U.S. spot ETFs. Given that the cost basis of these ETFs varies from $54,900 to $59,100, many institutional investors who made their initial investment in these funds are now getting close to the break-even psychological point.&nbsp;
There is a chance that investors looking to cut losses will start to sell Bitcoin if it falls below these levels. This paints a rather fragile picture for <a href="https://u.today/7240-bitcoin-gains-made-by-dormant-btc-whale-as-uptober-kicks-off" rel="noopener noreferrer nofollow">Bitcoin</a>. Schiff is advising investors to reevaluate their bullish position even though the $60,000 support level has so far held firm. The larger trend is still unclear.&nbsp;
The pivotal points to keep an eye on are $59,000 below and $64,000 above. Bitcoin may enter even more bearish territory if it breaks below $59,000, but a rise above $64,000 might rekindle optimism for a wider rebound. As the saying goes, time is the best tool to determine who needs you the most, and only time will tell if anyone truly needs Bitcoin.&nbsp;

Bitcoin (BTC) Bear Market Here, Warns Peter Schiff, and Here's Why

U.Today

Other articles published on Oct 4, 2024

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