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Peter Schiff Reiterates Lack of Interest in Bitcoin

The recent drop in Bitcoin’s price contradicts the narrative of institutional investor interest in the asset, according to Peter Schiff, president of Euro Pacific Capital.

“Pumpers blame Mt. Gox-related sales for the price drop. This is partly true, but in other respects the liquidation exposes the myth of institutional demand. If there was such a thing, buyers would have already jumped at the opportunity to buy Mt. Gox bitcoins on the OTC market,” the entrepreneur said.

Legendary trader Peter Brandt has assessed the correction that occurred in the first cryptocurrency as the largest in the history of bull markets since 2022.

The founder and head of ITC Crypto Benjamin Cowen drew attention to the price drop. In his opinion, digital gold is near a critical level. The movement of the two-week RSI indicator will soon show where the rate will go – up (as in 2013 and 1016) or down (2019).

“I keep playing these games, trying to figure out what year it is, but then I tell myself it’s 2024 and he must be doing something differently than before,” the expert emphasized.

Let us recall that in July Peter Brandt allowed for the continuation of the Bitcoin correction to the level of $44,000.

Source: Cryptocurrency

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