Peter Schiff, one of the most prolific Bitcoin critics, has already weighed in on the most recent cryptocurrency crash. In a recent social media post, he predicted that the leading digital asset by market capitalization is poised to break down.
At the same time, he has urged his followers to place their bets on gold and silver since he believes that those precious metals are on track to break out.
Earlier today, the leading cryptocurrency plunged below the make-it-or-break-it $60,000 support level for the first time since June 25 to reach an intraday low of $59,712, according to CoinGecko data.
The price drop came despite Bitcoin exchange-traded funds (ETFs) scoring their fifth consecutive day of inflows ($13.7 million). BlackRock’s IBIT led the way with $14.1 million worth of inflows. Together with other funds, it has managed to offset $32.4 million worth of outflows recorded by Grayscale.
Analyst James Seyffart recently commented that total net inflows recorded by Bitcoin ETFs remain at healthy levels. However, he has also pointed to steadily declining trading volumes that have so far struggled to crack $3 billion since May.
According to Markus Thielen, founder of 10x Research, the $60,000 level might prove to be crucial for the bulls since it is close to the average entry price of Bitcoin ETF buyers. A decisive break below that price point could trigger a wave of liquidations, according to the analyst. Back in April, Schiff warned that the buyers of these products would be facing huge losses.
Meanwhile, gold is currently trading close to the top end of its present trading range, at $2,375 per ounce.
