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Infamous gold bug Peter Schiff recently took to X (formerly Twitter) to predict a major Bitcoin (BTC) price crash.
The largest cryptocurrency has so far dropped 12.9% from its all-time high of $73,737 which was achieved on March 14.
Has Bitcoin peaked?
Schiff recalled a trend during which many proponents of Bitcoin were adding laser eyes to their social media profiles. This happened at the peak of the bull market euphoria in 2011. The somehow cringe-worthy trend involved major celebrities and even politicians like Wyoming Senator Cynthia Lummis.
The trend attracted a lot of mockery after the price of the flagship cryptocurrency crashed the following year, retracing all the way back to the $16,000 level in November 2022.
This serves as a cautionary tale about excessive exuberance in the crypto market.
Schiff also expressed skepticism toward much-hyped spot Bitcoin ETFs, which have experienced tremendous success since their launch in January.
The gold proponent is convinced that their streak of record-breaking inflows is now going to last, and Bitcoin is going to experience a sharp reversal after recording substantial gains in 2024.
Moreover, Schiff has downplayed the impact of the upcoming Bitcoin halving, which many analysts expect to be another bullish catalyst for the leading cryptocurrency.
Extreme greed
It is worth mentioning that the Crypto Fear and Greed Index, which provides a score of 0 to 100 in order to gauge market sentiment, is still flashing “extreme greed” at 79 despite the fact that the price of the largest cryptocurrency has retraced substantially from its recent peak.
At press time, Bitcoin is trading at just $64,410 after shedding 5.5% over the past 24 hours.
Roughly $442 million worth of long positions have been liquidated over the past 24 hours, according to CoinGlass data.
