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- Bitcoin falls below $110K after recent ATH, facing renewed bearish predictions.
- Peter Schiff warns BTC could drop to $75K, citing gold and silver gains.
- Ethereum sees major whale accumulation, signaling rising institutional interest.
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Bitcoin (BTC) has hit turbulence just weeks after surging past its all-time high (ATH) of $123,000. The flagship cryptocurrency now trades below $110,000, prompting renewed criticism from gold advocate Peter Schiff, who continues to cast doubt on Bitcoin’s long-term prospects.
Schiff Predicts a Drop to $75,000
In a recent post on X, Schiff highlighted Bitcoin’s struggles amid a broader market downturn. At the time of writing, BTC is valued at $108,990.94 with a market capitalization of $2.17 trillion, according to CoinMarketCap. Despite a modest 0.54% increase in the last 24 hours, the cryptocurrency’s performance pales compared to traditional assets.
Schiff contrasted Bitcoin’s recent losses with gold and silver gains. Gold has climbed $35 to $3,480, while silver has added $0.70, trading at $40.50. Based on these movements, the outspoken economist forecasted that Bitcoin could dip further to $75,000. He urged investors to reconsider holding BTC while its price remains above $100,000.
Crypto enthusiasts remain skeptical of Schiff’s bearish stance, noting that past predictions from the gold proponent have often failed to materialize.
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Whales Shift Focus to Ethereum
Meanwhile, market dynamics hint at shifting confidence among Bitcoin whales. On September 1, a prominent BTC holder reportedly sold 2,000 BTC, converting the proceeds into 48,942 ETH in the spot market—valued at roughly $215 million. This move increased the whale’s total Ethereum holdings to 886,371 ETH, worth over $4.07 billion.
Also Read: Peter Schiff Tells Investors to Dump Ethereum for Bitcoin Despite ETH’s $3,800 Rally
The pivot toward Ethereum highlights the growing institutional adoption of the second-largest cryptocurrency. Popular trader Wagmi noted on X that Ethereum appears “ready for a big move,” suggesting bullish sentiment in the altcoin market may be on the rise.
Diverging Paths for BTC and ETH
Bitcoin’s recent retreat below $110,000, combined with Schiff’s bearish commentary, underscores persistent skepticism about its short-term trajectory. However, Ethereum’s rising institutional demand may signal a contrasting narrative, where BTC faces consolidation while ETH gears up for potential growth. Investors are closely watching these developments to gauge where the market might head next.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
