World Class Economist Peter Schiff Says Bitcoin Bull Market Is Over, Is He Right?
The crypto market recently was engulfed in a bearish trend that saw the price of Bitcoin (BTC) drop to a two-month low of about $56,000. The massive price decline has left investors nursing heavy losses and prompting some analysts to believe that the flagship asset bull run has finished its course. One such expert is world-renowned economist Peter Schiff, who believes the Bitcoin bull run is finally over.
Is The Bull Run Over For Bitcoin (BTC)?
Peter Schiff, a world-class economist, on May 1, 2024, posted on his X (formerly Twitter) page that Bitcoin (BTC) is currently in a bear market as opposed to the bullish sentiment many in the crypto community have about the coin. Schiff holds this sentiment because even after the approval of Spot Bitcoin ETFs, the coin is down 23% compared to US dollars and 33% when priced in gold, with one Bitcoin (BTC) currently worth 25 ounces. The economist also supported this statement with a chart pointing out that Bitcoin’s (BTC) previous support level of $60,000 is now its resistance.
However, his analysis was met with acute criticism from crypto community members on X, with some like Crypto Bitlord who pointed to the fact that the economist had called Bitcoin (BTC) a scam ever since its early days when it was worth just $12. Another user named Josh showed one of the analyst’s past predictions on Bitcoin (BTC) that Bitcoin was dead at $750, and the crypto is now worth over $60,000.
Nevertheless, Bitcoin (BTC) has rebounded gradually, trading above $61,000 according to asset tracking platform Coinmarketcap data. While this rebound in price indicates increased interest and perhaps a precursor to a massive rally, the token can still follow the analyst’s price trajectory. This is because cryptocurrencies are volatile assets; therefore, they can suddenly experience a sharp drop or an uptick in price.
Amid the expectation that the Bitcoin (BTC) bull market is over, crypto investors are now flocking to the ETFSwa (ETFS) presale, which has the potential to turn $1,000 into $1 million.
Investors Bullish On ETFswap (ETFS) Despite Market Setback
ETFswap (ETFS) is a blockchain platform that intends to tokenize exchange-traded funds (ETFs) and make them available to all crypto community members on-chain. The tokenized ETFs will be accessible for trading on a Web3 marketplace, allowing traders to track this asset’s progress and make well-informed decisions before trading. One of the factors that makes investors afraid of investing in a platform is the assurance of security for their investments.
ETFswap (ETFS) is well aware of this, and that’s why it has agreed to an audit of its platform smart contract by leading blockchain security firm Cyberscope. After a thorough check, the firm deemed the platform safe and robust enough to repel cyber-attacks.
To gain entry into ETFswap (ETFS), users will need to hold their native token ETFS, enabling them to trade tokenized ETFs and participate in the network governance through voting. The only way to get the token is to purchase it in the ongoing stage 1 presale, where the platform offers it at $0.00854. Investors are rushing in great numbers to get the token because all who participate in this current round will profit when stage 2 starts. Also, they are highly bullish on the presale due to the optimism of experts who believe the token will soon hit the $1 mark, surging by 10,000%.
When that happens, all early investors will have made a 100x yield on their investments, meaning that $1,000 could easily turn into $100,000, coupled with the fact that they can diversify their portfolio by trading tokenized ETFs. All of this bullishness has pushed the total number of tokens sold to over 50 million, as fear of missing out (FOMO) has gripped investors in the industry.
Don’t miss out, too; buy ETFS today at presale and make 100x yield on investment alongside other savvy investors.
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