Peter Schiff Has Some Bad News for Bitcoin ETF Investors

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jun 29 2024

Should l Buy BTC?

Peter Schiff's Criticism: Peter Schiff, a known critic of Bitcoin, highlighted the poor performance of Bitcoin in Q2 compared to gold, with Bitcoin dropping over 15% while gold gained 4%.
Investor Caution: Schiff cautioned investors who shifted from gold ETFs to Bitcoin ETFs, stating they are now 20% worse off and predicting a further deterioration in the situation.
Bitcoin Price Movement: Bitcoin's price dropped from nearly $71,000 to around $60,800, marking a more than 14% decline recently.
Analysts' Views: Despite the recent correction, some analysts view it as part of a larger bull market, with Julio Moreno from CryptoQuant noting a decrease in Bitcoin demand linked to the current price correction.
Bitcoin's Performance: Bitcoin had a significant rise earlier in the year, reaching a new all-time high above $73,500 in mid-March after soaring nearly fivefold from its January 2023 lows.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	57604.848	61302.424	64630.938	68328.514	71657.028	75354.604	78683.118
Fibonacci	61302.424	63986.39	65644.548	68328.514	71012.48	72670.638	75354.604

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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