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Infamous gold bug Peter Schiff recently took to X (formerly Twitter) to predict a major crash in Bitcoin (BTC) prices.
The largest cryptocurrency has so far fallen 12.9% from its all-time high of $73,737 reached on March 14.
Has Bitcoin peaked?
Schiff recalled a trend in which many Bitcoin supporters added laser eyes to their social media profiles. This happened at the height of the bull market euphoria in 2011. This somewhat newsworthy trend involved major celebrities and even politicians like Wyoming Senator Cynthia Lummis.
The trend attracted much mockery after the price of the flagship cryptocurrency plummeted the following year, rising all the way back to the $16,000 level in November 2022.
This serves as a caution against excessive exuberance in the crypto market.
Schiff also expressed skepticism about the high-profile Bitcoin ETFs, which have seen huge success since their launch in January.
Gold supporters are confident that their streak of record entries will now last, and Bitcoin will experience a sharp reversal after posting substantial gains in 2024.
Additionally, Schiff downplayed the impact of Bitcoin's upcoming 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 from 0 to 100 in order to gauge market sentiment, still shows “extreme greed” at 79 despite the fact that the price of the largest crypto -currency has declined significantly from its recent peak.
At press time, Bitcoin is trading at just $64,410 after losing 5.5% in the past 24 hours.
According to CoinGlass, approximately $442 million in long positions were liquidated in the last 24 hours. data.