Peter Schiff pointed out the lack of institutional demand for Bitcoin

The recent drop in the price of bitcoin contradicts the narrative of institutional investors' interest in the asset. This opinion was expressed by Peter Schiff, President of Euro Pacific Capital.

#Bitcoin pumpers blame the decline on Mt. Gox repayment related sales. While this is part of the story, the rest is that the selloff exposes the myth of institutional demand. If such demand really did exist, buyers would jump at the chance to buy the Mt. Gox Bitcoin off market.

— Peter Schiff (@PeterSchiff) July 6, 2024

"Pampers are blamed for the drawdown of the exchange rate related to Mt. Gox sales. This is partly true, but otherwise the liquidation exposes the myth of institutional demand. If there was one, buyers would have already jumped at the opportunity to purchase Mt bitcoins. Gox is on the OTC market," the entrepreneur said.

Legendary trader Peter Brandt assessed the correction of the first cryptocurrency as the largest in the history of bull markets since 2022.

Current correction in Bitcoin is the largest so far in the bull cycle that began at the 2022 low $BTC pic.twitter.com/v2E7bJbYKi

— Peter Brandt (@PeterLBrandt) July 6, 2024

Benjamin Cowan, the founder and head of ITC Crypto, drew attention to the price drawdown. In his opinion, digital gold is near a critical level. The movement of the two—week trend strength indicator (RSI) in the near future will show where the course will follow - up (as in 2013 and 1016) or down (2019).

If you look at the #BTC 2W RSI, we are near a critical level that should help us separate whether #BTC follows 2013 and 2016 (where we found support around these levels), or 2019 (where we fell through and had an intermediate downtrend in the middle of a larger uptrend). pic.twitter.com/Y9JzlVDK8U

— Benjamin Cowen (@intocryptoverse) July 7, 2024

"I keep playing these games, trying to figure out what year it is, but then I tell myself that it's 2024 and he has to do something differently than before," the expert stressed.

Recall that in July, Peter Brandt allowed the bitcoin correction to continue to the level of $ 44,000.