Bitcoin ETF Investors Might Be Left with the Greatest Loss If Bitcoin Bottoms Out
Bitcoin (BTC) is still below the psychologically crucial $60K level as it continues its bearish run on Wednesday. It is above the lowest of the recent lows but a long way from 2024’s highs.
The token gained back 2.35% over the last 24 hours, climbing to $58,674 (BTC/USD). That makes for its biggest incline since the coin bottomed out five days ago. When Bitcoin started to climb sharply after hitting $53,906, that was a natural price correction for the market. Today’s climb could mean some kind of recovery for the coin.
Some analysts are predicting that Bitcoin is headed for massive losses soon, even worse than what it has recently experienced. Economist Peter Schiff has long been a critic of Bitcoin, and he says that It would be wise to sell Bitcoin in the spot market right now, but buying it up as ETFs is a bad move.
Schiff predicts that ETF buyers are being lined up to be holding the major losses after Bitcoin devalues. He says that thanks to the Bitcoin whales, the ETF market is set to lose the most, even though it is a very new avenue for buying and selling Bitcoin that is intended to minimize risk for investors as they open up their portfolios to crypto.
Where Is Bitcoin Going?
Recent price predictions for Bitcoin have placed the low end of trading around $50K, with even the sharpest critics not expecting Bitcoin to fall below that mark anytime soon. Of course, if Bitcoin continues its bearish trend over the long term, it will establish a new lower support level and could even bottom out and lose all of its value.
Rosier predictions say that Bitcoin will recover in the near future and will head toward $70K again, perhaps even hitting a new high later on this year.
Right now, Bitcoin is in a gray area, where it could go either way. If too many investors give up on it while waiting for it to climb, then Bitcoin will have trouble getting back to its previous highs. If its investors find reason to put their faith in Bitcoin, though, it could surge unexpectedly in a short period of time and surprise the market with a comeback.
We urge investors to watch factors like inflation as well as how new ETF products are received by the public.
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