The post Bitcoin (BTC) to Crash Even More, Says Schiff appeared on BitcoinEthereumNews.com.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Renowned Bitcoin critic Peter Schiff recently asserted that after the company’s aggressive buying spree ends, Bitcoin (BTC) and MicroStrategy (MSTR) may crash. With $10 billion already spent, Schiff noted that MicroStrategy’s three-year plan to spend $42 billion on Bitcoin could be completed much sooner than expected.  He believes that the market will lose a major source of demand once the buying stops, which will cause the price of Bitcoin to drop precipitously. This perspective aligns with Schiff’s long-standing mistrust of Bitcoin. His argument is based on the notion that institutional buying — specifically from MicroStrategy — plays a significant role in determining the price of Bitcoin. BTC/USDT Chart by TradingView Although it is true that significant purchases can affect market sentiment, it would be an oversimplification to attribute Bitcoin’s entire valuation to the purchasing activity of a single entity. The purchases made by MicroStrategy represent a small portion of the total value of Bitcoin transactions worldwide.  Numerous factors, such as adoption rates, general investor sentiment and macroeconomic conditions, affect the price of Bitcoin. Demand can be maintained even if MicroStrategy stopped making acquisitions because other institutional and individual investors could fill the void. Based on the chart, Bitcoin is currently trading close to $93,000 after recently retreating from the psychological level of $100,000.  Related The RSI is…

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Filed under: News - @ November 27, 2024 9:22 am