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BitMEX founder Arthur Hayes and bitcoin bear Peter Schiff warned crypto bulls that the approval of spot bitcoin ETFs may be followed by a crypto crash.
Hayes said in a recent Blog Posts that bitcoin will correct at least 20% to 30% starting in March after a rally following the launch of the Bticoin ETFs, and said it will not buy btc until March.
“The failure could be even more serious if the list of US-listed spot bitcoin ETFs has already started trading,” he said. “Imagine if the anticipation of hundreds of billions of fiat money flowing into these ETFs at some future date propelled bitcoin above $60,000 and near its 2021 all-time high of $70,000. “I could easily see a 30% to 40% correction due to a drop in dollar liquidity.”
A 40% drop from $70,000 would take bitcoin back to $42,000, 4% below the $43,775 it was trading at at 7:15 a.m. EST. Hayes called a 20% to 30% drop “healthy” after a strong rally, but still said, “I can't buy bitcoin until the March decision dates have passed.”
Institutional Demand for Spot bitcoin ETFs 'Might Not Appear'
Schiff, chief economist and global strategist at Euro Pacific Asset Management, told cryptocurrency investors in an X post to be careful what they wish for, and said the promise of a btc ETF approval has been supporting the price of bitcoin. during years.
“Once the ETFs launch and the much-anticipated institutional and other new investor demand does not appear, look below,” he said on Jan. 2.
Be careful what you wish for. The promise of a sought-after spot in the US #BitcoinETF has been supporting the bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin price and speculative demand for years. Once ETFs are launched and the much-anticipated institutional and new investor demand does not appear, be careful ahead!
—Peter Schiff (@PeterSchiff) January 2, 2024
Schiff has predicted the demise of btc for years and X users were quick to criticize him for his bearish prediction on the platform.
Such btc Bulls He reminded him that gold ETFs were not hindering demand for real gold. Therefore, they are confident that the approval of bitcoin spot ETFs will add positive momentum to the cryptocurrency market.
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