Gold advocate Peter Schiff: BTC institutional demand may be a myth

Odaily News Gold advocate and economist Peter Schiff said on the X platform this week that the Bitcoin bear market has a long way to go and is currently at a critical support level and if the support level is not stable, the price may fall sharply. Peter Schiff attributed part of the Bitcoin decline to the Mt. Gox repayment-related sales, but argued that it also exposed that institutional demand may be a myth. Peter Schiff said: If this demand did exist, buyers would jump at the opportunity to buy Mt. Gox Bitcoin over the counter. Based on trading activity, Bitcoin ETF buyers appear to be holding. So far, there are no signs of panic. Bitcoin may need to fall sharply before they finally capitulate. This may happen as early as next week, especially after another large sell-off this weekend. Ethereum prices are about to fall to $1,500. It seems that those who bought the Ethereum ETF rumors cant wait to sell. (News.bitcoin)