Pre-ETF BTC price ‘crash’ predicted by Peter Schiff

Pre-ETF BTC price ‘crash’ predicted by Peter Schiff

In the world of Bitcoin, there’s a divide in forecasts for its future price. On one side, we have Peter Schiff, a well-known Bitcoin skeptic, predicting a serious price drawdown before the launch of the United States’ first Bitcoin spot price exchange-traded fund (ETF). On the other side, AllianceBernstein is offering a more optimistic outlook, forecasting a peak price of $150,000 in 2025. As the ETF approval news gets slowly priced in, the market will monitor the initial outflows and potentially experience some short-term disappointment. However, with Bitcoin’s halving months away, it may be a good time to consider taking on some risk in the market. Whether you believe in Schiff’s crash prediction or have faith in AllianceBernstein’s cycle peak, the future of Bitcoin remains uncertain, making it crucial for investors to conduct their own research and make informed decisions.

▶ [Kucoin] Transaction fee 0% discount CODE◀

Bitcoin Forecasts Diverge

Bitcoin has been the subject of hot debate and speculation, with forecasts from different experts painting contrasting pictures of the cryptocurrency’s future. In this article, we will explore the diverging predictions made by two prominent figures in the finance industry – Peter Schiff and AllianceBernstein – regarding Bitcoin’s price and its potential crash in light of the upcoming ETF launch. We will also discuss the impact of ETF approval on Bitcoin’s price and the ongoing debate over the “sell the news” scenario. Finally, we will take a look at popular opinions and institutional sentiment surrounding Bitcoin’s future prospects.

Peter Schiff Predicts Pre-ETF BTC Price ‘Crash’

Peter Schiff, a well-known gold bug and Bitcoin skeptic, has long expressed his skepticism towards the cryptocurrency. He has consistently argued that Bitcoin lacks intrinsic value and is destined to return to zero. Schiff’s attention has now shifted to the impending launch of the United States’ first Bitcoin spot price exchange-traded fund (ETF). He believes that Bitcoin’s price will experience a significant crash even before the ETF is launched. Schiff’s skepticism towards Bitcoin as an asset and his focus on the ETF launch have led him to make this prediction.

BTC Price Could Reach $150K by 2025, according to AllianceBernstein

In contrast to Peter Schiff’s bearish outlook, AllianceBernstein, an asset management firm, has made an optimistic Bitcoin price forecast. The firm predicts that Bitcoin’s price could reach $150,000 by 2025. AllianceBernstein bases its forecast on the expectation of gradual ETF flows and a cycle peak in 2025. The firm’s analysts believe that the current breakout in BTC price is a result of ETF approval news slowly being priced in. They also anticipate initial outflows and short-term disappointment in the market before a potential price surge in the long run.

ETF Launch Creates Uncertainty for BTC Price

The launch of the United States’ first Bitcoin spot price ETF has created a sense of anticipation and uncertainty in the market. Investors are eagerly awaiting the approval of the ETF, which is expected to occur either in early 2024 or in November. The rumors of a potential green light for the ETF in November have fueled a recent surge in Bitcoin’s price. However, the impact of the ETF launch on Bitcoin’s price remains uncertain. The market is divided on whether the announcement will result in a “sell the news” scenario, where investors reduce their exposure to Bitcoin after the ETF’s approval.

▶ [Kucoin] Transaction fee 0% discount CODE◀

Schiff’s Criticisms of Bitcoin as an Asset

Peter Schiff’s criticisms of Bitcoin as an asset stem from his belief that it lacks intrinsic value. He argues that Bitcoin is held solely for the purpose of future selling, unlike gold, which has tangible uses and historical value. Schiff believes that Bitcoin’s value is speculative and that it is not a reliable store of wealth. He reiterates his doubts about Bitcoin and raises concerns about the sustainability of its price in the long term.

ETF Approval and Potential Impact on BTC Price

The potential approval of the Bitcoin spot price ETF has sparked speculation about its impact on Bitcoin’s price. If the ETF is approved, it could signify a significant milestone for Bitcoin and attract more institutional investors. The market response to the ETF approval news will likely be gradual, with investors gradually pricing in the event. However, there may also be initial outflows and short-term disappointment as the market adjusts to the new development. The uncertainty surrounding the approval of the ETF adds to the complexity of predicting Bitcoin’s future price behavior.

The Debate Over ‘Sell the News’ Scenario

One of the ongoing debates in the Bitcoin community revolves around the potential “sell the news” scenario following the ETF announcement. Some believe that investors will reduce their exposure to Bitcoin once the ETF is approved, leading to a temporary price decline. Others argue that the ETF approval news will have a positive long-term effect on Bitcoin’s price and institutional adoption. It remains to be seen how the market will react to the ETF news and whether the “sell the news” scenario will materialize.

Schiff’s Two Scenarios for a Bitcoin ‘Crash’

Peter Schiff conducted a Twitter survey to gauge the timing of a potential Bitcoin crash. In the survey, he presented two scenarios – a crash before the ETF launch and a crash after the ETF launch. Respondents also had the option to choose the strategy of “Buy and HODL till the moon.” Interestingly, the majority of the nearly 25,000 respondents chose the “Buy and HODL” strategy, suggesting optimism and disagreement with Schiff’s predictions. Schiff responded to the survey results by maintaining his belief that Bitcoin will crash before the ETF launch, emphasizing the possibility that those who bought the rumor may not profit if they wait for the fact to sell.

Popular Opinion: Buy and HODL Strategy

The prevailing sentiment among survey respondents favors the “Buy and HODL” strategy, which involves buying Bitcoin and holding it for the long term. Many investors believe that Bitcoin’s price will continue to rise and that holding onto their investments will yield substantial profits. This opinion contrasts with Schiff’s predictions of a pre-ETF crash. The disagreement highlights the diversity of perspectives in the cryptocurrency community and the varying interpretations of Bitcoin’s future prospects.

Institutional Mood Positive for Bitcoin ETF Approval

Despite the ongoing debates and conflicting predictions, the institutional mood surrounding Bitcoin ETF approval is largely positive. Many institutions and investors view the potential approval as a significant milestone for Bitcoin’s mainstream adoption. The increasing acceptance of Bitcoin by traditional financial institutions reflects the growing recognition of its potential value as an asset class. The sentiment among institutional players suggests a belief in Bitcoin’s long-term prospects and a positive outlook for its price.

AllianceBernstein’s BTC Price Forecast for Next Cycle

AllianceBernstein’s BTC price forecast for the next cycle is particularly optimistic, predicting a peak price of $150,000 by 2025. The firm bases its forecast on the expectation of gradual ETF flows and a cycle peak in 2025. Moreover, AllianceBernstein’s analysis considers Bitcoin’s historical price behavior in relation to halving cycles. The firm’s forecast provides a contrasting perspective to Peter Schiff’s bearish outlook and adds to the ongoing debates surrounding Bitcoin’s future price trajectory.

In conclusion, the Bitcoin forecasts put forth by Peter Schiff and AllianceBernstein diverge significantly. Schiff predicts a pre-ETF crash, emphasizing his skepticism towards Bitcoin and its value as an asset. On the other hand, AllianceBernstein paints a more positive picture, with a forecast of Bitcoin reaching $150,000 by 2025. The impending ETF launch adds uncertainty to Bitcoin’s price behavior, with the market divided on the potential “sell the news” scenario. Overall, the diverse opinions and institutional sentiment surrounding Bitcoin’s future highlight the ongoing debates and speculation within the cryptocurrency community.

▶ [Kucoin] Transaction fee 0% discount CODE◀