Bitcoin (BTC) last Thursday collapsed to its lowest level since mid-December.
However, the drop below $40,000 was not of interest to investors who got into the cryptocurrency before the launch of exchange traded funds ETFs in the U.S. market. Today, bitcoin has returned to values above $41,000.
Financier Peter Schiff believes that another BTC collapse awaits us in the near future. In his opinion, the digital currency has reached a local peak.
The lack of further growth in its value suggests that investors have raised bitcoin to the maximum possible level. Once the situation stabilizes, BTC will face more pressure and lose a larger share of capital.
Peter Schiff emphasized:
“I expect the price to fall even further once demand for exchange-traded bitcoin-ETFs weakens.”