Nov 12, 2023

What Does the Future Hold for Bitcoin Price Predictions?

Peter Schiff, a gold bug, has warned of a possible price drawdown of Bitcoin (BTC) before the key date for institutional investors approaches. In recent crypto news, the long-time Bitcoin critic expressed his concerns about the recent BTC price growth. As the latest about AI and future of AI is being explored, it is estimated…

Peter Schiff, a gold bug, has warned of a possible price drawdown of Bitcoin (BTC) before the key date for institutional investors approaches.

In recent crypto news, the long-time Bitcoin critic expressed his concerns about the recent BTC price growth.

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Schiff bets on a BTC price “crash” before ETF launches

Peter Schiff, the chief economist and global strategist at asset management firm Europac, has been a long-time critic of Bitcoin. He has consistently argued that, unlike gold, Bitcoin’s value is destined to return to zero, and that it is only held for speculation.

With BTC/USD climbing to 18-month highs, the focus has shifted to the launch of the United States’ first Bitcoin spot price exchange-traded fund (ETF), which is expected to be approved in early 2024, and is rumored to be green-lit as early as November. Some believe that the announcement will be a “sell the news” event, but Schiff has a different opinion.

In an X survey on Nov. 9, Schiff asked two scenarios for a Bitcoin “crash” — before and after the ETF launch. The majority of the nearly 25,000 votes chose “Buy and HODL till the moon,” but Schiff remained adamant in his opinion.

“Based on the results my guess is that Bitcoin crashes before the ETF launch,” he responded.

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AllianceBernstein: Bitcoin ETF “getting slowly priced in”

As Cointelegraph reported, the sentiment in the institutional sector is improving as the ETF debate is likely to end up with a Bitcoin victory.

The latest positive BTC price forecasts include the one of AllianceBernstein, which last week predicted a peak of $150,000 in the next cycle.

“We think 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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