Peter Schiff Warns: Bitcoin’s Bear Market Deepens, Down Over 30% in Gold Terms

Peter Schiff dragged attention toward the bearish phase of the Bitcoin market and said that more big crashes are coming when MtGox starts repayment officially.

Peter Schiff is a popular Bitcoin hater & supporter of Gold & Silver. He never misses any chance to criticise Bitcoin (BTC) & Bitcoin-linked financial products. Usually Schiff faces huge criticism from Bitcoin proponents but he never misses any opportunity to pass bad comments against Bitcoin.

On 25 June 2024, Peter Schiff remarked that with Bitcoin trading below $59K, it has re-entered bear market territory, being down over 20% from its record high.

Schiff highlighted that in terms of gold, Bitcoin’s bear market is even more severe, with a decline of over 30%. He cautioned that the bear market for Bitcoin is still in its early stages and implied that further declines could be expected.

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Now that #Bitcoin is again trading below $59K, it's back in official bear market territory, down over 20% from its record high. But in #gold terms, the bear market has been far more ferocious, with Bitcoin now down over 30% priced in gold. The bear is still young. Look out below.

— Peter Schiff (@PeterSchiff) June 24, 2024

In a follow-up tweet, Schiff said that more big corrections are expected in the next month, as MtGox will start releasing funds for MtGox creditors.

The Mt. Gox Bitcoin has not even been returned yet. But it will be starting in July. So the price of Bitcoin may drop a lot more before the Mt. Gox Bitcoin actually starts hitting the market.

— Peter Schiff (@PeterSchiff) June 24, 2024

On behalf of these factors, Schiff tried to explain that Bitcoin is now a bad investment asset and suggested people sell their Bitcoin, before late. 

For such indirect statements, Schiff faced huge criticism from the Bitcoin investors. 

Bitcoin sell pressure 

Although we know that currently no bull factor supports a fair price level for the Bitcoin price, two major factors are playing a vital role to create fear among the investors. 

On one side MtGox is ready to release Bitcoin & Bitcoin Cash funds to the MtGox creditors after 5 days and on the other side the German government has been transferring Bitcoin to the top crypto exchanges, obviously they have plans to sell it. 

According to Arkham, the German Government transferred a total of 400 BTC to Coinbase and Kraken (200 BTC each) at 15:38 UTC+8 today, worth about $24.34 million. Last week, the German Government transferred a total of 1,700 BTC to Coinbase, Bitstamp, and Kraken.…

— Wu Blockchain (@WuBlockchain) June 25, 2024

Read also: World-famous financial guru Kiyosaki reveals his Bitcoin (BTC) trading strategy

Peter Schiff Warns: Bitcoin’s Bear Market Deepens, Down Over 30% in Gold Terms

 

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