Peter Schiff, a gold bug, has asserted that Bitcoin (BTC) is likely to suffer a significant price drop before November 2021, when institutional investors enter the crypto market.
The crypto skeptic has recently expressed his concern over the current BTC price surge.
Schiff bets on a BTC price “crash” before ETF launches
Peter Schiff, the chief economist and global strategist at asset management firm Europac, has long been a vocal critic of Bitcoin, believing its value will eventually return to zero.
Now, as BTC/USD reaches 18-month highs, speculation is rife that the US will launch its first Bitcoin spot price exchange-traded fund (ETF) in early 2024 or even November 2021.
Some fear that approval of the ETF will cause a “sell the news” event, where investors reduce exposure once the news is made public. However, Schiff believes that a crypto crisis could come even sooner.
In a survey on Nov. 9, Schiff asked respondents to choose between two scenarios for a Bitcoin “crash” — before and after the ETF launch — or “Buy and HODL till the moon”. Despite the latter being the most popular choice with 68% of the nearly 25,000 votes, Schiff stood his ground, believing that a crypto crisis will come before the ETF launch.
AllianceBernstein: Bitcoin ETF “getting slowly priced in”
As Cointelegraph reported, the sentiment in the institutional space is becoming more positive as the ETF debate appears to be ending in Bitcoin’s favor.
Among the most recent bullish BTC price forecasts is that of AllianceBernstein, which predicted a peak of $150,000 in the next cycle last week.
“We believe early flows could be slower and the build up could be more gradual, and post-halving is when ETF flows momentum could build, leading to a cycle peak in 2025 and not 2024,” analysts wrote in a note quoted by MarketWatch and others.
An accompanying chart showed the past and future behavior of BTC price delineated by halving cycles.
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