From Investing.com: 2024-07-06 14:30:20

Financial commentator Peter Schiff believes that Bitcoin ETF buyers will prevent the price from crashing further. He noted that these whales are unfazed by recent price drops. Bitcoin is up 3.73% to $56,536.78 after a recent fall to $53,900. The German Government transferred 1, worth $75.53 million to various exchanges.

Schiff warns that a larger drop in Bitcoin price could prompt whales to sell, driving prices further down. He predicts a significant sell-off next week. Despite Schiff’s bearish outlook, some analysts doubt Bitcoin will drop below $30,000. Schiff warns investors that Bitcoin ETFs may suffer more losses compared to gold in the second quarter.

Read more at Investing.com: Peter Schiff Acknowledges Bitcoin ETF Buyers HODLing Strength By U.Today