As per CoinMarketCap data, Bitcoin is currently up by 3.73% to $56,536.78 in the last 24 hours. This significant rise comes after the digital asset plummeted to as low as $53,900. Analysts had attributed this to the German Government’s transfer of 1,300 BTC to Bitstamp, Kraken and Coinbase (NASDAQ:COIN). The BTC transferred recently was worth approximately $75.53 million.
According to Schiff’s latest analysis, it will take a larger drop in the price of Bitcoin for whales to surrender and begin dumping the asset. If the Bitcoin ETF holders hit the sell button, this will further drive down the price of BTC.
Schiff is projecting that such a scenario is likely next week. Notably, the Bitcoin critic is basing his projections on a huge sell-off this weekend.
These analysts maintain that Schiff tilts toward bearish extremes because he is not a fan of the digital asset.
Meanwhile, Schiff has issued a critical warning to investors of Bitcoin ETF, noting that given its poor showing in the second quarter of this year compared to gold, the digital asset is likely to suffer more losses.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
