Peter Schiff, a well-known Bitcoin critic, expressed his views on the potential for further declines in the cryptocurrency’s price.
Warning of Bitcoin Decline
Schiff asserted that Bitcoin could fall to $75,000 after the price dropped below $109,000, marking a 13% decline from recent highs.
Observations on Institutional Purchases
Despite the excitement surrounding active purchases from institutional investors, Schiff believes that these actions are not supporting Bitcoin’s price. He dismisses the idea that the recent purchase by Strategy, which increased its holdings by 3,081 BTC, could affect the market situation.
Advice on Asset Selling
Schiff advises investors who back Bitcoin to consider selling their holdings and buying back when the price reaches $75,000. In his earlier comments, he had suggested that the best time to buy Bitcoin would come when institutional investors begin offloading their holdings.
Peter Schiff remains cautious about the Bitcoin market, urging investors to be mindful of potential price drops.
