Peter Schiff Warns: Bitcoin’s Bear Market Deepens, Down Over 30% in Gold Terms

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Peter Schiff dragged attention toward the bearish phase of the Bitcoin market and said that more big crashes are coming when MtGox starts repayment officially.

Peter Schiff is a popular Bitcoin hater & supporter of Gold & Silver. He never misses any chance to criticise Bitcoin (BTC) & Bitcoin-linked financial products. Usually Schiff faces huge criticism from Bitcoin proponents but he never misses any opportunity to pass bad comments against Bitcoin.

On 25 June 2024, Peter Schiff remarked that with Bitcoin trading below $59K, it has re-entered bear market territory, being down over 20% from its record high.

Schiff highlighted that in terms of gold, Bitcoin’s bear market is even more severe, with a decline of over 30%. He cautioned that the bear market for Bitcoin is still in its early stages and implied that further declines could be expected.

In a follow-up tweet, Schiff said that more big corrections are expected in the next month, as MtGox will start releasing funds for MtGox creditors.

On behalf of these factors, Schiff tried to explain that Bitcoin is now a bad investment asset and suggested people sell their Bitcoin, before late. 

For such indirect statements, Schiff faced huge criticism from the Bitcoin investors. 

Bitcoin sell pressure 

Although we know that currently no bull factor supports a fair price level for the Bitcoin price, two major factors are playing a vital role to create fear among the investors. 

On one side MtGox is ready to release Bitcoin & Bitcoin Cash funds to the MtGox creditors after 5 days and on the other side the German government has been transferring Bitcoin to the top crypto exchanges, obviously they have plans to sell it. 

Read also: World-famous financial guru Kiyosaki reveals his Bitcoin (BTC) trading strategy