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.
#Bitcoin pumpers blame the decline on Mt. Gox repayment related sales. While this is part of the story, the rest is that the selloff exposes the myth of institutional demand. If such demand really did exist, buyers would jump at the chance to buy the Mt. Gox Bitcoin off market.
— Peter Schiff (@PeterSchiff) July 6, 2024
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 current correction in Bitcoin is the largest so far in the bull cycle that began at the 2022 low $BTC pic.twitter.com/v2E7bJbYKi
— Peter Brandt (@PeterLBrandt) July 6, 2024
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).
If you look at the #BTC 2W RSI, we are near a critical level that should help us decide whether #BTC follows 2013 and 2016 (where we found support around these levels), or 2019 (where we fell through and had an intermediate downtrend in the middle of a larger uptrend). pic.twitter.com/Y9JzlVDK8U
— Benjamin Cowen (@intocryptoverse) July 7, 2024
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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