Ah, the eternal dance of Bitcoin! As if the fate of the digital gold weren’t already a soap opera, Peter Schiff has now entered the stage with a prediction that should make all Bitcoin enthusiasts break into a cold sweat. According to Schiff, the Bitcoin transfer from those seasoned “OGs” (you know, the ones who’ve held their BTC through thick and thin) to the so-called “weak hands” will lead to even bigger selloffs in the future. Who’s surprised? 🙄
Schiff, the gold-loving economist (because who doesn’t love gold, right?), has some thoughts on Bitcoin’s future: “Bitcoin is finally having its IPO moment,” he said, as though Bitcoin had somehow been too shy to make its grand entrance before. It seems that the market is now flush with liquidity, which gives the OGs the perfect opportunity to cash out. Hooray for them, right? 🙃
He went on to explain that this mass movement of Bitcoin from strong hands to weak ones doesn’t just increase the float (the number of Bitcoins available for trade), it also means that, brace yourselves, future selloffs will be “bigger.” Oh, and did I mention that “bigger” likely means “much, much worse”? 😅
To make matters juicier, over 400,000 BTC were dumped by whales and long-term holders back in October, contributing to a serious case of Bitcoin indigestion. This massive sell-off sent the price crashing below $85,000. Ouch. That’s got to hurt, doesn’t it? 😬
The crypto world, predictably, is split. Some say that the bull trend will soon resume once liquidity conditions are “better.” Others are bracing for the inevitable bear market that’s always lurking, ready to pounce. The uncertainty is palpable. Which side will you choose? 🤔
The Big Fish Cashing Out-But Will Retailers Step In?
The drama intensifies. Owen Gunden, a seasoned OG in the Bitcoin game, sold off his entire 11,000 BTC stash (that’s a cool $1.3 billion) in October and November. Meanwhile, Robert Kiyosaki, author of the infamous Rich Dad, Poor Dad and a self-proclaimed Bitcoin believer, dumped his holdings too-about $2.25 million worth. He proudly shared that he bought his BTC when it was $6,000 a coin and sold it around $90,000. What a savvy move. 💰
But don’t panic, folks. Kiyosaki, ever the optimist, is still “bullish” on Bitcoin. He’s just going to channel his profits into “income-producing businesses.” Oh, Robert, what a man of mystery. 🔮
Experts over at Bitfinex are attributing the most recent drawdown to these high-profile sell-offs, along with a fair amount of leveraged liquidations in crypto derivatives markets. Meanwhile, Bitcoin’s fundamentals remain as robust as ever. Institutional investors are still eyeing the digital coin, which is likely to keep demand high, even if retail investors start selling off at the slightest sign of trouble.
Vineet Budki, CEO of Sigma Capital, made the call that retail investors will most likely panic and sell at the first hint of a downturn. This will, he predicts, trigger a devastating 70% price drop in the next bear market. So, hold tight, folks! It’s going to be a bumpy ride. 🎢
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2025-11-23 01:38