Peter Schiff Predicts A Market Crash After Bitcoin ETF Launch

American economist and notorious crypto critic Peter Schiff strongly believes that the much-anticipated launch of a Bitcoin ETF will precede a major crash in the cryptocurrency market. Bitcoin is climbing to the $38,000 level as the crypto market ignored Peter Schiff’s prediction and relied on on-chain data.

Bitcoin Reach for $38,000 Level

First, he acknowledged that Bitcoin is gradually climbing to the $38,000 level, in response to spectators’ expectation for a spot Bitcoin ETF approval from the United States Securities and Exchange Commission. Specifically, the flagship digital asset is currently trading at $37,014.39 with a 0.4% increase in value within the last 24 hours. 

Schiff, who is known to be anti-Bitcoin, believes that by the time a Bitcoin ETF is launched, many of these spectators would have bought the coin. Eventually, the early buyers would want to sell their holdings to make a profit and when this happens, the Bitcoin critic believes that there will be few left to buy the ETF. Ultimately, this scenario would trigger a crash in the market.

In response to this post on the X app, many crypto investors voiced their contrary opinions concerning Schiff’s stance on Bitcoin and the projected crash. The public was urged to ignore this prediction, citing that it was one of those incorrect forecasts from the economist.

Expert Views on Spot Bitcoin ETF

Meanwhile, top crypto experts are still bullish on the coming of a spot Bitcoin ETF and its capacity to push the price of the crypto market, especially Bitcoin, to unprecedented heights. Bloomberg ETF analysts Eric Balchunas and James Seyffart once again reiterated that there is a 90% chance that the Bitcoin ETF approvals will come by January 10.

Seyffart is confident that there would be a huge influx of approvals from the SEC at the same time. Two days ago, XRP proponent and founder of CryptoLaw John E. Deaton stated that the approval from the SEC is likely to coincide with the Bitcoin halving event as well as the Federal Reserve’s decision to cut interest rates, a move that can send price going truly parabolic

In light of these developments and the potential approval of the twelve U.S. Bitcoin ETF applications, there is room for Bitcoin to go as high as $135,000 in the near term as projected by “Rich Dad Poor Dad” Author, Robert Kiyosaki.