BTC to Drop at $38K if German Government Decides to Sell its Bitcoin ETFs?

Peter Schiff, a renowned critic of cryptocurrencies, has once again expressed doubts about Bitcoin's future. His latest focus is on Bitcoin ETFs

Peter Schiff, a well-known cryptocurrency skeptic, has once again voiced doubts about Bitcoin’s future. This time, his focus is on Bitcoin ETFs, which he predicts could lead to a large-scale sell-off that will further destabilize the market. Schiff’s warnings come at a crucial time for Bitcoin, as the cryptocurrency is experiencing significant price fluctuations.

According to Schiff’s calculations, over 70% of Bitcoin ETF investors are currently at a loss. He predicts that if Bitcoin’s price falls below $38,000, all Bitcoin ETF buyers will be in negative territory. This could trigger widespread selling as speculators exit their positions to cut losses. Schiff’s previous bearish forecasts have come true, suggesting that Bitcoin’s bear market may not be over yet.

Based on technical analysis, the $38K possibility mark aligns with the 100-day moving average and the middle trendline of the ascending channel, acting as a crucial support zone. The market is set for a consolidation phase, fluctuating between the $48K resistance and the $38K support.

Currently, Bitcoin is struggling to move past the $48K mark, which has caused its price to drop to $41K. On the shorter-term 4-hour chart, there seems to be a balance between buyers and sellers. If Bitcoin falls below $42K, it might continue dropping to $38K.

At the time of writing, Bitcoin’s price had decreased by 7.27%, trading at $54,482.91 with a 24-hour trading volume of $40.5 billion. The 24-hour price range saw a low of $53,971.30 and a high of $57,453.84. This downward trend coincides with Mt. Gox’s large-scale Bitcoin transfer of $2.7 billion to an unidentified wallet, sparking concerns within the crypto community. Additionally, U.S. spot Bitcoin ETFs reported outflows of $20.45 million, contributing to the bearish sentiment.

Schiff’s warnings and the current market conditions have brought back discussions about Bitcoin’s stability and role as an investment asset. Despite the overall market downturn, Bitcoin’s dominance increased by 0.80% compared to the previous day, indicating even steeper price declines in the altcoin market. However, open interest in Bitcoin has decreased by 11.19%, now valued at $16 billion.

Bitcoin’s current market capitalization is $1.07 trillion, reflecting the ongoing uncertainty and volatility in the cryptocurrency market.

Overall, the tug-of-war between the $38K and $48K price points is a matter of technical indicators and reflects the broader sentiment in the cryptocurrency market.

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