The recent decline in Bitcoin’s price contradicts the narrative of institutional investor interest in the asset, according to Euro Pacific Capital President Peter Schiff.
#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
“Pumpers blame the price drop on Mt. Gox-related sales. This is partly true, but the selloff reveals the myth of institutional demand. If it existed, buyers would have seized the opportunity to purchase Mt. Gox bitcoins on the OTC market,” the entrepreneur stated.
Legendary trader Peter Brandt assessed the recent correction of the leading cryptocurrency as the largest in the history of bull markets since 2022.
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 price drop was also noted by ITC Crypto founder and head Benjamin Cowen. In his view, digital gold is near a critical level. The movement of the two-week Relative Strength Index (RSI) will soon indicate whether the price will rise (as in 2013 and 2016) or fall (2019).
If you look at the #BTC 2W RSI, we are near a critical level that should help us separate 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
“I keep playing these games, trying to figure out what year it is, but then I tell myself it’s 2024 and it should do something different than before,” the expert emphasized.
In July, Peter Brandt suggested that Bitcoin’s correction could continue to the $44,000 level.