{"id":606087,"date":"2024-05-02T03:00:43","date_gmt":"2024-05-02T03:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=606087"},"modified":"2024-06-11T07:04:31","modified_gmt":"2024-06-11T07:04:31","slug":"bitcoin-hits-danger-zone-peter-schiff-warns-of-do-or-die-scenario","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-hits-danger-zone-peter-schiff-warns-of-do-or-die-scenario\/","title":{"rendered":"Bitcoin Hits \u2018Danger Zone\u2019: Peter Schiff Warns Of ‘Do or Die’ Scenario"},"content":{"rendered":"

Bitcoin is facing a critical juncture as it has entered a ‘danger zone,’ according to prominent gold advocate Peter Schiff. This investor, known for his skepticism toward Bitcoin, suggests<\/a> that the cryptocurrency is entering a “do or die” phase, potentially marking the end of its bullish run if current trends continue<\/a>.<\/p>\n

Breaking Points And Bearish Signals<\/h2>\n

Peter Schiff has often voiced his bearish outlook on Bitcoin, and his latest comments come as Bitcoin has just slipped below the crucial $60,000 mark.<\/p>\n

Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge<\/a><\/div>\n

This level had previously served as strong support during the short-term bull run, and its breach has intensified the bearish sentiment among investors. Schiff warns that staying below this threshold could spell doom for the bullish fervor, potentially derailing Bitcoin\u2019s momentum<\/a>.<\/p>\n

At the time of writing, Bitcoin is trading at approximately $57,054,\u00a0<\/span>teetering close to its 100-day Exponential Moving Average (EMA). Schiff points out that remaining below this EMA could confirm a bearish trend, signaling an end to the rally.<\/p>\n

Amidst these developments, the market has seen an increase in trading volume, coupled with the price drop, indicating strong selling pressure.<\/p>\n

Over the last 24 hours, Bitcoin’s trading volume has dropped from $45 billion to $48 billion, coinciding with a 6.3% price dip during the same period. This heightened activity is a traditional bearish<\/a> indicator, lending weight to Schiff’s prediction of a downturn<\/a>.<\/p>\n

Moreover, investor sentiment is treading thin ice with significant outflows from Bitcoin spot ETFs, hitting a weekly high of $162 million. This departure of funds is particularly poignant as it unfolds just before the FOMC meeting, where potential interest rate hikes are on the agenda.<\/p>\n

These outflows reflect a broader market trend, with the Grayscale Bitcoin Trust (GBTC) experiencing a substantial daily outflow of $93.23 million.<\/p>\n

\n

According to SoSoValue, total net outflows from Bitcoin spot ETFs yesterday, April 30, were as high as $162 million. GrayscaleETF GBTC had a single-day net outflow of US$93.2277 million, and the current historical net outflow of GBTC is US$17.303 billion. The total net asset\u2026 pic.twitter.com\/jSCtfVrW8l<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) May 1, 2024<\/a><\/p><\/blockquote>\n

The Bitcoin ETF Conundrum And Market Forecasts<\/h2>\n

It is worth noting that last month was quite challenging for US Bitcoin ETFs. After a promising start with positive inflows in the initial months following their launch, April witnessed collective outflows amounting to $182 million across all active spot Bitcoin ETFs in the US.<\/p>\n

Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months<\/a><\/div>\n

This pullback is attributed to macroeconomic concerns and geopolitical tensions, which have clouded the investment landscape.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

As the market braces for further turbulence, analysts such as Micheal Van de Poppe are forecasting<\/a> an additional correction, potentially pushing Bitcoin’s price down to $55,000<\/a> before any sign of recovery.<\/p>\n

\n

Monthly close approaching for #Bitcoin<\/a> and FOMC day tomorrow.<\/p>\n

I think we’ll see that sweep beneath $60K and potentially cascade towards $55-58K from which we’re finding the low and rotate back upwards.<\/p>\n

From there: Ethereum ETF hype in May to pick up momentum. pic.twitter.com\/Iki4De9mSF<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) April 30, 2024<\/a><\/p><\/blockquote>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is facing a critical juncture as it has entered a ‘danger zone,’ according to prominent gold advocate Peter Schiff. This investor, known for his skepticism toward Bitcoin, suggests that the cryptocurrency is entering a “do or die” phase, potentially marking the end of its bullish run if current trends continue. Breaking Points And Bearish Signals Peter Schiff has often voiced his bearish outlook on Bitcoin, and his latest comments come as Bitcoin has just slipped below the crucial $60,000 mark. Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge This level had previously served as strong support during the short-term bull run, and its breach has intensified the bearish sentiment among investors. Schiff warns that staying below this threshold could spell doom for the bullish fervor, potentially derailing Bitcoin\u2019s momentum. At the time of writing, Bitcoin is trading at approximately $57,054,\u00a0teetering close to its 100-day Exponential Moving Average (EMA). Schiff points out that remaining below this EMA could confirm a bearish trend, signaling an end to the rally. Amidst these developments, the market has seen an increase in trading volume, coupled with the price drop, indicating strong selling pressure. Over the last 24 hours, Bitcoin’s trading volume has dropped from $45 billion to $48 billion, coinciding with a 6.3% price dip during the same period. This heightened activity is a traditional bearish indicator, lending weight to Schiff’s prediction of a downturn. Moreover, investor sentiment is treading thin ice with significant outflows from Bitcoin spot ETFs, hitting a weekly high of $162 million. This departure of funds is particularly poignant as it unfolds just before the FOMC meeting, where potential interest rate hikes are on the agenda. These outflows reflect a broader market trend, with the Grayscale Bitcoin Trust (GBTC) experiencing a substantial daily outflow of $93.23 million. According to SoSoValue, total net outflows from Bitcoin spot ETFs yesterday, April 30, were as high as $162 million. GrayscaleETF GBTC had a single-day net outflow of US$93.2277 million, and the current historical net outflow of GBTC is US$17.303 billion. The total net asset\u2026 pic.twitter.com\/jSCtfVrW8l \u2014 Wu Blockchain (@WuBlockchain) May 1, 2024 The Bitcoin ETF Conundrum And Market Forecasts It is worth noting that last month was quite challenging for US Bitcoin ETFs. After a promising start with positive inflows in the initial months following their launch, April witnessed collective outflows amounting to $182 million across all active spot Bitcoin ETFs in the US. Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months This pullback is attributed to macroeconomic concerns and geopolitical tensions, which have clouded the investment landscape. As the market braces for further turbulence, analysts such as Micheal Van de Poppe are forecasting an additional correction, potentially pushing Bitcoin’s price down to $55,000 before any sign of recovery. Monthly close approaching for #Bitcoin and FOMC day tomorrow. I think we’ll see that sweep beneath $60K and potentially cascade towards $55-58K from which we’re finding the low and rotate back upwards. From there: Ethereum ETF hype in May to pick up momentum. pic.twitter.com\/Iki4De9mSF \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) April 30, 2024 Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,629,678,1119,78790,6664,87925,84647],"class_list":["post-606087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-market","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-asset","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\nBitcoin Hits \u2018Danger Zone\u2019: Peter Schiff Warns Of 'Do or Die' Scenario<\/title>\n<meta name=\"description\" content=\"Bitcoin is currently facing a 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Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Hits \u2018Danger Zone\u2019: Peter Schiff Warns Of ‘Do or Die’ Scenario","url":"http:\/\/wncen.com\/news\/bitcoin-hits-danger-zone-peter-schiff-warns-of-do-or-die-scenario\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-hits-danger-zone-peter-schiff-warns-of-do-or-die-scenario\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin market","bitcoin prediction","btc","btcusdt","crypto","crypto asset","spot bitcoin etf"],"dateCreated":"2024-05-02T03:00:43Z","datePublished":"2024-05-02T03:00:43Z","dateModified":"2024-06-11T07:04:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Hits \\u2018Danger Zone\\u2019: Peter Schiff Warns Of ‘Do or Die’ Scenario\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-hits-danger-zone-peter-schiff-warns-of-do-or-die-scenario\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-hits-danger-zone-peter-schiff-warns-of-do-or-die-scenario\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin market\",\"bitcoin prediction\",\"btc\",\"btcusdt\",\"crypto\",\"crypto asset\",\"spot bitcoin etf\"],\"dateCreated\":\"2024-05-02T03:00:43Z\",\"datePublished\":\"2024-05-02T03:00:43Z\",\"dateModified\":\"2024-06-11T07:04:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606087"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=606087"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/538164"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=606087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=606087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=606087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}