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Bitcoin‘s recent performance has made a significant impact in the cryptocurrency market. Peter Schiff suggests that Bitcoin ETFs could experience a serious collapse. This situation has become a major concern for investors, as today’s drop in Bitcoin and cryptocurrencies has deeply shaken everyone.
Bitcoin’s Major Decline
As Schiff noted, Bitcoin price fell to $54,000, dropping below the lowest levels in July. If this scenario occurs, popular economist Peter Schiff predicts a 15% drop from January levels in spot Bitcoin ETFs. This situation could trigger major liquidations.
On Monday, August 5, during Asian trading hours, Bitcoin fell by 12% to the $54,000 level. With the potential for a recession in the US resurfacing, positions in risky assets began to unwind. Popular economist Peter Schiff stated that Bitcoin ETFs could face significant trouble during Monday’s trading session.
Last Friday, August 2, funds exiting spot Bitcoin ETFs exceeded $230 million with a sharp sell-off in the three main indices in the US. During Monday’s Asian trading hours, cryptocurrency market liquidations reached $800 million. Altcoins also experienced a major market correction, with Ethereum’s price falling to $2,200, exceeding 30% in weekly losses.
Could Bitcoin Price Drop to $40,000?
When Bitcoin loses the critical support of the 200-day moving average, analysts expect a major correction from there. CryptoQuant analyst Julio Moreno stated that if BTC fails to reclaim the $57,000 support, the likelihood of falling to the $40,000 level is high.
Japan’s Nikkei index has experienced a decline of over 20% since its July peaks, causing a wave of selling in global markets. The US futures market is also trading with a deep decline, indicating a potential wave of selling in the coming days. The probabilities of a recession and a hard landing in the US have also significantly increased.
This major fluctuation in the cryptocurrency market is unsettling investors, while uncertainties over Bitcoin and other cryptocurrencies continue. If Peter Schiff’s predictions come true, it could be a period where investors experience significant losses in their portfolios. Bitcoin was trading at $52,900 at the time of writing.
