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XRP Now Following Bullish Bitcoin Pattern That Led BTC to $100K Surge in 2024

Sam Wisdom Raphael
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XRP Now Following Bullish Bitcoin Pattern That Led BTC to $100K Surge in 2024

XRP now appears to be following a pattern similar to what Bitcoin observed right before it hit the $100,000 milestone in 2024.

Specifically, this pattern involves persistent resilience displayed at a time when critical indicators are pointing to extreme bearishness. For context, XRP has continued to maintain a position above the $2 price support over the past six months despite continued bearish pressure.

XRP MACD Increasingly Bearish

Market data further confirms that amid this consolidation phase, the Moving Average Convergence Divergence (MACD). For the uninitiated, the MACD is a momentum tool that compares two moving averages, usually the 12-period EMA and the 26-period EMA, to assess trend strength. 

Notably, it typically signals a bearish outlook when its main MACD line moves beneath the signal line or falls below the zero level, pointing to potential downward pressure. In cases like this, the MACD histogram also flips red or trends downward.

When this occurs, it is only natural that the underlying crypto asset continues to collapse in price. However, XRP defied this pattern. Specifically, when the MACD flipped bearish in early March following XRP’s rally to $3, XRP naturally collapsed, dropping from the $3 peak to the support at $2.

XRP Holds Strong Amid Bearish MACD

Nonetheless, after this drop, the MACD continued to flex bearish signals, even dipping much lower throughout March, with these bearish signals also spilling into April and May. Despite the deeper bearishness, XRP showed immense resilience and continued to hold above $2. Also, whenever it occasionally dipped below $2, it immediately recovered.

XRP MACD Trend
XRP MACD Trend

This shows that the bulls have persistently defended the $2 mark and continue to absorb the supply at this level. Such an interesting turn of events is massively bullish and confirms that once the bearish pressure subsides, a massive upsurge will immediately occur.

Bitcoin Witnessed a Similar Pattern in 2024

Notably, a similar pattern occurred with Bitcoin last year. Specifically, Bitcoin’s weekly MACD also flipped bearish in April 2024. This accompanied an initial price collapse for Bitcoin, pushing it toward the $50,000 region. After this, BTC held strong, finding support at $53,550 for the rest of the year despite the MACD remaining bearish.

Bitcoin MACD Trend
Bitcoin MACD Trend

Interestingly, once the MACD flipped bullish again in November 2024 on the back of the Trump-inspired upsurge, Bitcoin price broke out of the consolidation phase. As the rally persisted, BTC eventually hit the $100,000 milestone, jumping to a new ATH of $108,364 in December 2024.

If XRP continues to follow this pattern, it could witness a similar breakout. However, the extent of the resulting rally remains to be seen. For context, if XRP mirrors the extent of Bitcoin’s rally, which amounted to a 101% run, its immediate target would sit at around $4.02 before another upsurge. 

However, there is every likelihood that XRP could see a much larger rally, considering its greater volatility potential. Currently, XRP changes hands at $2.09, up 3.83% this week.

White House Director of Digital Asset Calls Bitcoin “Digital Gold,” Says the US Plans to Buy More

Elendu Benedict
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White House Director of Digital Asset Calls Bitcoin “Digital Gold,” Says the US Plans to Buy More

Bo Hines, the White House Director of Digital Assets, has reiterated the United States’ commitment to buying more Bitcoin, dubbed “digital gold.”

Hines made another public debut on Thursday to discuss digital assets and did not fail to mention the bullish stance of the United States. In a fireside chat with the US Senate Banking Committee on Thursday, he assured that Bitcoin is here to stay.

Bitcoin Is Digital Gold

Hine discussed digital assets with Senator Cynthia Lummis and Senator Tim Scott, two pro-crypto Republicans, on Thursday, where he reiterated that Bitcoin is digital gold. Notably, this is not the first time that the White House has made such claims; it also made a similar claim in Donald Trump’s executive order to create a reserve in March.

Also, Hines referred to Bitcoin as digital gold during the 2025 Bitcoin Conference in Las Vegas, stating it is the “golden standard.” The White House executive also disclosed yesterday that the United States is keen on buying more Bitcoin.

Again, Hines reiterated that the United States plans to accumulate this limitedly capped cryptocurrency. He noted that it is in the country’s best interest to buy as much Bitcoin as possible.

However, they would do this in a budget-neutral way, which would have zero impact on US taxpayers. Notably, Hines has teased several approaches to achieve this purchase clause, including through revenues from Donald Trump’s tariff hikes or reviewing the United States’ gold certificates.

Nonetheless, Senator Lummis has a bill in Congress to purchase 1 million BTC over five years. If the BITCOIN Act legislation passes, it would also be another source to fund the White House’s drive to accumulate as much Bitcoin as possible.

The US on Track to Become the Crypto Capital of the World

Furthermore, Hines lauded the efforts of the Senate in achieving Trump’s mandate to make America the crypto capital of the world. He noted that through legislation like the GENIUS Act, they are revolutionizing the US financial system in ways not seen before.

The GENIUS Act, passed by the Senate earlier this month, would create new payment rails, improve transaction times and costs, and unlock transparency. Hines highlighted that this would sustain the US dollar’s dominance and ensure that the fiat superpower remains the only currency that exists in the future.

Meanwhile, Hines urged the Senate to apply the success of their stablecoin legislation to the crypto market structure bill, to which Lummis and Scott agreed. Notably, Lummis earlier disclosed that the Senate intends to pass the bill before the end of the year.

SEC Case Now Targets Only Ripple, Not XRP: Experts

Lele Jima
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SEC Case Now Targets Only Ripple, Not XRP: Experts

A prominent community figure asserts that the remaining part of the SEC lawsuit now centers on Ripple as a company rather than XRP as an asset. 

Yesterday, U.S. District Judge Analisa Torres denied the joint motion for an indicative ruling to slash the penalty to $50 million from $125 million and lift the permanent injunction imposed on Ripple’s future institutional sales of XRP. 

The judge emphasized that the parties’ settlement agreement does not nullify the court’s final verdict. She believes that the injunction’s dissolution is only pertinent to ending the appeal because the parties made it a condition. 

However, she suggested that the parties could still withdraw their appeals if they choose to do so or continue with them. 

SEC Case No Longer Concerns XRP 

Following her verdict, community figure Vet asserted that the case no longer has anything to do with XRP, emphasizing that the remaining part of the lawsuit solely revolves around Ripple. 

Interestingly, Ripple’s CLO, Stuart Alderoty, and other legal experts shared the same sentiment. According to Alderoty, Judge Torres’ decision now leaves the next line of action in the hands of Ripple and the SEC. 

He reiterated that the judge proposed two options: continuing with the appeal or withdrawing the case. However, he stressed that the judgment does not affect XRP’s legal status as a non-security. 

XRP Remains a Non-Security 

Recall that Judge Torres declared XRP a non-security in her summary judgment decision in July 2023. Even the SEC agreed with the decision and refused to challenge it in the appeal initiated last year. 

Since Judge Torres issued her final decision, the only remaining matters have been related to Ripple’s corporate actions, specifically its institutional and programmatic sales of XRP. 

While the SEC recently agreed to an unconditional withdrawal of its appeal on programmatic sales, Ripple insisted on dismissing its case only if the fine is cut to $50 million and the injunction is lifted. However, Judge Torres has refused to modify her final judgment.

3 Facts in the Ripple Case 

Meanwhile, community figure Zach Rector indicated that the judge “stood by the law” in her latest decision. Notably, he highlighted three facts that remain untouched. 

Rector emphasized that the SEC has already surrendered its ‘war on crypto,’ as reflected in the withdrawal of crypto-related enforcement actions. He also mentioned that XRP in itself is not a security, meaning that the token does not fall under the SEC’s regulatory purview. 

Lastly, Rector claimed Ripple is no longer violating federal securities laws, adding that the company has restructured its XRP sales to institutional clients. 

In the meantime, the broader crypto community is anticipating the next move from Ripple and the SEC, whether they will refile the joint motion for an indicative ruling or withdraw their appeals, leaving the final verdict untouched. 

XRP Outperforms SP 500 and NASDAQ by 6,000% and 3,000% in 10 Years

Sam Wisdom Raphael
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XRP Outperforms SP 500 and NASDAQ by 6,000% and 3,000% in 10 Years

Market data confirms that, despite its years-long underperformance, XRP has outperformed both the S&P 500 and NASDAQ 100 in the past decade.

Despite its most recent 580% rally from November 2024 to January 2025, several critics have downplayed XRP’s ability to yield returns, often pointing to its extensive period of underperformance from January 2018 to late 2024.

Concerns Over XRP’s Years of Underperformance

For context, after reaching a new all-time high of $3.8 in January 2018, XRP collapsed immediately. Over the years, it attempted multiple times to reclaim the previous high, but failed at several resistance points, unable to even recover the $2 mark. As a result, XRP missed the 2021 bull run, only peaking at $1.96.

This underperformance led to concerns, with some, like Raoul Pal, previously warning that it could miss this year’s bull run. However, XRP recovered most of the lost time, by rallying to now sit above the $2 price. Despite this, critics argue that it has made no meaningful gains and only moved to its starting point in 2018.

While several proponents have argued that another upsurge to reach greater heights remains in store for XRP, we recently collected data that indicates that despite XRP’s years of underperformance, it has still performed better than most traditional investments in the past decade.

XRP Outperforms the S&P 500 and the NASDAQ 100

Notably, the S&P 500, which tracks the performance of the 500 largest public firms in the U.S., and the NASDAQ 100, a measure of the performance of the 100 largest non-financial companies on Nasdaq, have both been praised for their attractive returns over the years. Nonetheless, market data indicates that XRP has performed better over a 10-year span. 

Specifically, the NASDAQ 100 (NDX) traded for $4,588 in June 2015. Ten years later, it now changes hands at $22,447, marking a 389% gain in a decade. 

NASDAQ 10 Year Performance
NASDAQ 10 Year Performance

Also, the S&P 500 (SPX), which changed hands at $2,063 in June 2015, now trades for $6,141. This represents a 197% increase over the past decade.

SP 500 10 Year Performance
SP 500 10 Year Performance

However, XRP traded for as low as $0.011 in June 2015, ten years ago. Today, it now has a value of $2.1 amid a downturn this month. Despite the downturn, the market data indicates that XRP has gained 18,990% in the last decade.

XRP 10 Year Performance
XRP 10 Year Performance

To put things into perspective, an investor who committed $10,000 to the S&P 500 in June 2015 would now be sitting on $29,700. Further, those who instead invested the $10,000 in the NASDAQ 100 would see returns of $48,900. Meanwhile, if they had turned to XRP, the $10,000 would now be worth $1.9 million.

Notably, this comparison indicates that XRP has gained by a massive 6,312% against the SPX over the past decade. In addition, XRP is up 3,801% in the last ten years. 

Expert Says Most People Have ZERO Clue What XRP Is About to Do, as Holding 1,000 XRP Could Be Like Holding 500 BTC

Abdulkarim Abdulwahab
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Expert Says Most People Have ZERO Clue What XRP Is About to Do, as Holding 1,000 XRP Could Be Like Holding 500 BTC

The debate over how much XRP an investor should hold to achieve financial success has reached a fever pitch within the XRP community.

Some prominent voices argue that holding 1,000 XRP and expecting life-changing gains is a far-fetched dream. This skepticism stems from the monumental challenge XRP faces in reaching high enough prices to turn modest holdings into something that could dramatically change an investor’s financial standing.

For context, XRP is currently trading at $2.20, making 1,000 XRP worth $2,200. That investment would only grow to $1 million if XRP surged by 45,354% to reach $1,000 per token, a scenario many consider highly improbable.

However, not everyone agrees with this perspective. Leading the counter-narrative is Xena, a widely followed XRP community commentator.

“No, 1,000 XRP Can Make You Rich”

In a fiery tweet, Xena dismissed the idea that 1,000 XRP cannot lead to wealth. She expressed frustration with this narrative and criticized those promoting it, saying they “have no idea what they’re talking about.”

According to Xena, XRP’s price could reach ambitious levels that would be enough to make investors wealthy. She accused skeptics, especially those who already hold large amounts of XRP, of being condescending, spreading negativity, and gatekeeping optimism. 

She noted that even wealthier investors often show more humility and support than those dismissing smaller holders.

“Let people do their best to accumulate,” she urged. For Xena, belief in XRP’s potential shouldn’t be determined by the size of one’s wallet.

“1,000 XRP Is Like Holding 500 BTC”

Her message resonated with many in the community, including independent researcher CryptoTank. In response, he argued that most people have no real understanding of what XRP is about to do. 

According to him, three- to four-digit price levels could arrive very quickly, with five-digit prices potentially following not long after.

This perspective suggests that an XRP price between $100 and $9,999 may be more attainable in the near future than most believe. 

Interestingly, business consultant Jake Claver has expressed similar views. Claver famously argued that a mix of ETF adoption and XRP’s payment utility could propel the price to $9,999 “pretty fast.”

In his statement, CryptoTank compared the future value of 1,000 XRP to holding 300, 400, or even 500 Bitcoin today, implying that such a position could be life-changing. For context, a BTC holding of that size would be worth up to $52 million, with 1 Bitcoin currently trading above $105,000.

XRP proponents often draw inspiration from Bitcoin’s meteoric rise from $0.05 to over $100,000, using it as a model for what XRP might achieve.

However, critics, particularly from the Bitcoin camp, dismiss this comparison, mainly due to XRP’s large total supply of 100 billion tokens, compared to Bitcoin’s capped supply of just 21 million.

XRP 3 Hammers and 3 Rockets, Here’s What’s Next?

Sam Wisdom Raphael
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XRP 3 Hammers and 3 Rockets, Here’s What’s Next?

Market analyst EGRAG Crypto has projected when the XRP uptrend will resume after identifying what he calls hammers and rockets on the daily chart.

His analysis comes on the back of XRP’s consolidation phase, which began after a drop from the $3.4 top in mid-January. Specifically, after XRP collapsed from the $3.4 peak, it immediately relinquished the $3 mark and has since consolidated around $2 over the past five months.

XRP Sees Hammers and Rockets Within Descending Channel

While the broader market takes a similar path, Bitcoin (BTC) has been witnessing new all-time highs. Now, EGRAG believes XRP is on the verge of breaking out of this consolidation phase, calling attention to a descending channel that has prevailed over the daily chart since November 2024.

Interestingly, EGRAG’s chart shows that XRP’s upswings and declines since November have led to what he calls “3 hammers” and “3 rockets.” Specifically, a hammer refers to the resistance presented by the bears when XRP attempts to break above the channel. Meanwhile, a rocket is the recovery push after XRP retests support at the channel’s lower trendline.

Notably, each hammer (or roadblock) has eventually resulted in a price correction, while each rocket (recovery effort) has led to a push toward a breakout. 

XRP Descending Channel EGRAG Crypto
XRP Descending Channel | EGRAG Crypto

For context, XRP saw three rockets at $1.95 on Dec. 20, 2024, at $1.76 on Feb. 3, 2025, and then at $1.61 on April 7, 2025.

However, the three hammers came in at $3.4 on Jan. 16, 2025, at $3.02 on March 2, 2025, and then most recently at $2.65 on May 12, 2025.

EGRAG Predicts When XRP Bull Run Will Resume

Following the three iterations of each pattern, EGRAG asked for audience opinions on whether XRP would break out or go lower. In his view, the next direction from here could be upward. According to him, XRP could break out from this channel or consolidation structure by mid-June, with the uptrend persisting until August to September 2025.

However, his projection came up days before the Israel-Iran war began, which has since skewed the direction of the market. As a result of the conflict, this timeline could be delayed. 

Meanwhile, EGRAG provided several immediate targets around the breakout from the descending channel. Specifically, XRP would need to breach the $2.6 resistance to break above the channel. From the current price of $2.16, XRP must rise 20.3% to reach this price mark.

XRP Breakout Targets

Following a breakout from the channel, XRP’s next immediate target could be the $3 psychological level, which it has failed to reclaim since March. Beyond this, the next target would be the yearly peak of $3.4. A break above this mark could open the door for greater price heights.

While EGRAG failed to present his ultimate targets for when the bull run resumes, he had in previous instances suggested that XRP could reach the $20 range this cycle. Most recently, he predicted that XRP’s top for this cycle could be $24. Meanwhile, last month, he predicted a possible XRP rally to $27.

Here’s Why an XRP Rally to $17.5 is Now on the Cards

Sam Wisdom Raphael
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Here’s Why an XRP Rally to $17.5 is Now on the Cards

Prominent market analyst EGRAG Crypto recently explained why he believes XRP is on track to reach a double-digit price.

In his latest price analysis, he highlighted a pattern observed during the 2020/2021 market run, which eventually led to a follow-up rally to the $1.96 high in mid-2021. EGRAG suggested that this pattern is playing out again in the current cycle, predicting a possible uptick to $17.5.

Specifically, this pattern involves XRP’s interaction with the 21-week exponential moving average (EMA), which has over the years acted as either resistance or support, depending on the prevailing market trend. 

XRP Historical Run from 2021

Historical data indicates that in early 2020, XRP slipped below the 21-week EMA, eventually dropping to a cycle low of $0.1140 in March 2020 amid a consistent price collapse. As a result of the slip below the 21-week EMA, this moving average turned to resistance, posing a roadblock to XRP’s breakthrough for 19 weeks.

However, XRP eventually conquered the resistance in late July 2020. Following the breakout, the price rally persisted over a few months, with XRP soaring to a peak of $0.79 by November 2020. This peak represented a 592% increase from the $0.1140 low from March 2020.

Nonetheless, the roadblock at the $0.79 peak led to a pullback, with XRP entering into a consolidation phase for several weeks. During this consolidation period, XRP continuously retested the 21 EMA, leveraging it as support. 

Meanwhile, after reaching a low of $0.3684 in February 2021, XRP recovered to stage a second rally. This second rally pushed XRP to a new peak of $1.96 by April 2021, in the heat of the 2021 bull run. 

This second top represented a 432% increase from the $0.3684 low in February of that year. According to EGRAG, during the 2021 run, several individuals underestimated XRP’s rally. However, the numbers it boasted told a different story.

XRP Appears to be Repeating the Same Pattern

EGRAG’s chart shows that XRP appears to be repeating the same pattern. Specifically, XRP broke above the 21-week EMA during the Trump-led market-wide upsurge last November. Like in 2020, this breakout led to a peak of $3.4, representing a 580% uptick from the $0.5 price level from early November 2024.

However, following this peak, a pullback occurred in February, and XRP now trades within a consolidation phase. This consolidation also resembles the range-bound phase from the previous cycle, as XRP has consistently retested the support at the 21-week EMA.

XRP 1W Chart
XRP 1W Chart

EGRAG believes XRP is on the verge of repeating the second rally from 2021. According to his projection, this second uptick could push XRP price to a new peak of $17.5, representing a 695% rise from the current $2.2 price baseline. According to him, he arrived at this price by observing the surges from various rallies in relation to the 21 EMA.

Currently, XRP changes hands at $2.12, up 5.42% this week after what appeared to be a bloody weekend last week. When asked about the time he expects XRP to begin the second rally, EGRAG warned against trying to time the market.

Bitcoin Illiquid Supply Exceeds 14 Million BTC Amid Institutional FOMO

Abdulkarim Abdulwahab
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0
Bitcoin Illiquid Supply Exceeds 14 Million BTC Amid Institutional FOMO

The illiquid supply of Bitcoin has reached a new milestone, exceeding 14 million BTC, according to data from Glassnode.

For context, this metric refers to coins held in wallets with little to no history of spending, suggesting they are unlikely to be sold anytime soon. In other words, only about 7 million BTC out of the total 21 million supply remain readily available.

With such a large portion locked away, this suggests that more investors are opting for long-term storage over active trading.

Steep Rise in BTC Locked Away

The accompanying chart shows a steady rise in the number of Bitcoin tokens becoming illiquid. As of December 2024, when the price of Bitcoin first surpassed the six-figure level, the illiquid supply was under 13.95 million. 

Despite Bitcoin consistently trading above $100K, the accumulation trend continues, as evidenced by the ongoing increase in illiquid supply, now at 14.35 million.

Since late March, the illiquid supply of Bitcoin has seen a sharp increase, while price action during this period has remained relatively volatile.

Specifically, the trend confirms that more investors are shifting toward self-custody, moving coins off exchanges and into cold storage. This behavior suggests a growing conviction among holders for higher BTC prices.

Chart showing steady rise in illiquid Bitcoin | Glassnode
Chart showing steady rise in illiquid Bitcoin | Glassnode

Institutional FOMO in Bitcoin

This trend is further evidenced by the increasing number of companies adopting Bitcoin as a treasury asset. This week alone, more than five companies have announced new Bitcoin acquisitions.

Specifically, Anthony Pompliano’s ProCap BTC purchased 3,724 BTC for $386.5 million, followed by another 1,208 BTC for $128 million, totaling 4,932 BTC worth $514.5 million. Moreover, Michael Saylor’s Strategy acquired 245 BTC after a $1 billion purchase the previous week.

Smarter Web expanded its long-term Bitcoin treasury with a new acquisition of 197 BTC. Méliuz S.A. also acquired 275.43 BTC following a share offering, bringing its total to 595.67 BTC. The Blockchain Group added 75 BTC, bringing its total to 1,728 BTC.

Earlier today, Metaplanet announced the acquisition of 1,234 BTC for approximately $132 million. The company now holds 12,345 BTC, purchased for a total of $1.20 billion.

With this heightened trend of accumulation, combined with the fact that fewer coins are readily available on the market, Bitcoin may be setting up for its next major rally due to a looming supply shock.

How Bitcoin Price Could React to a Supply Shock

Speaking at Bitcoin Conference 2025, Eric Trump argued that BTC could hit $170K by the end of 2026 due to surging demand outpacing available supply.

He cited that a year ago, fewer than 100 companies held Bitcoin; now, that number has more than doubled. OTC desks and exchanges are reporting dwindling BTC inventory, making it harder for institutions to acquire more.

“Everyone wants Bitcoin, and no one wants to sell,” Eric said, suggesting that this supply squeeze could fuel significant price gains.

Analyst Says Bitcoin Technical Target at $169K as Cup and Handle Now Completed

Mark Brennan
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Analyst Says Bitcoin Technical Target at $169K as Cup and Handle Now Completed

Bitcoin has completed its cup and handle pattern, according to TradingView analysis, with bullish signals pointing to a possible technical breakout.

Bitcoin (BTC) has shown renewed strength over the past week, recovering from a mid-week low and maintaining an upward trajectory. BTC reached a recent high of around $107,980 by June 25–26. As of today, it trades at $106,952, continuing to hover near local highs.

Bitcoin Completed Cup and Handle Pattern

Following the recent recovery, a chart analysis from TradingView analyst TradingShot indicates a potential technical breakout. The analyst reports that Bitcoin appears to have completed a Cup and Handle pattern on the daily (1D) timeframe.

This formation began in January, with BTC initially surging to $109,400 on January 20. A decline followed, bottoming near $74,000 on April 9, forming the base of the cup.

Screenshot 2025 06 26T170412508
Bitcoin Price Prediction

The rebound that extended into May reached as high as $111,800 around May 22, which marked the right edge of the cup.

After that, price action ranged between $98,300 and $110,700, shaping the handle. This period of consolidation coincided with Bitcoin dipping below its 1D MA50. After this, it rebounded at the 1D MA200, a move noted by the analyst as significant for the technical setup.

Technical Indicators Signal Building Momentum

According to TradingShot, Bitcoin not only reclaimed its 1D MA50 following the rebound but also posted a bullish signal on the MACD. The Moving Average Convergence Divergence (MACD) indicator printed a Bullish Cross, with the MACD line crossing above the signal line. This development typically points to strengthening bullish momentum and supports the possibility of further gains.

The MACD crossover aligns with Bitcoin regaining its MA50, reinforcing the bullish outlook based on the completed chart pattern. Importantly, the handle segment of the cup and handle pattern has formed what the analyst refers to as an “isolated” Bull Flag. The chart projects a technical target at the 2.0 Fibonacci extension, situated at approximately $169,000.

To meet the projected level of $169,000, Bitcoin would require a 57.47% increase from the current pivot level of $107,316.

Bitcoin Has Room for Upside

Meanwhile, Julien Bittel, head of macro research at Global Macro Investor (GMI), shared an updated chart on June 25 showing Bitcoin’s historical correlation with global M2 liquidity, which now stands at $94.3 trillion. The chart highlights that Bitcoin has generally followed M2 trends with a 12-week lag, maintaining a broad alignment since 2023 despite occasional deviations. 

Currently, Bitcoin appears to be trailing the growth in global liquidity, creating a divergence that analysts are watching. This macro backdrop, paired with bullish technical signals such as the MACD crossover and the recovery of key moving averages, suggests Bitcoin may still have room to follow global M2’s upward path and approach projected cycle targets.

Peter Schiff Says the European Demand for Bitcoin Will Keep Falling

Elendu Benedict
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0
Peter Schiff Says the European Demand for Bitcoin Will Keep Falling

Long-term Bitcoin critic Peter Schiff has predicted that Europeans will continue to lose interest in Bitcoin, citing its price difference as proof.

Bitcoin is down slightly in the past 24 hours against the dollar, following a period of intense upward price action that saw it reach an intraday high of $108,310 today. While the asset has shown bullish momentum, particularly from a scare over the weekend that saw it drop below $100,000, some still believe BTC remains a bubble that will burst soon.

Bitcoin’s Demand Would Decline in Europe: Schiff

Particularly, in a tweet today, staunch critic Peter Schiff made another claim about Bitcoin and its long-term trajectory, especially outside the United States. He argued that the demand for the pioneering cryptocurrency would continue to decline in Europe alongside the demand for the US dollar.

For context, he cited that while Bitcoin is only 4% away from its all-time high of $112,000 attained on May 22, it is 14% away from its peak of €105,951 against the euro. Interestingly, BTC reached this peak on January 20, failing to find much joy against the euro as with the dollar, where it has hit two new ATHs since Inauguration Day.

Meanwhile, Schiff claims that this disparity is due to Bitcoin’s lesser popularity in Europe compared to the United States. While the European Union debuted a crypto market framework before the US, the latter still has more users and processes more crypto-related transactions than the former.

Notably, the Bitcoin critic expects this trend to continue. He emphasized that the global de-dollarization trend is ongoing, and Bitcoin’s adoption is likely to decline in Europe alongside the dollar.

“European demand for both will keep falling,” Schiff added.

Mere Forex Difference?

Meanwhile, Schiff’s comments drew the attention of the crypto community, with a reaction emphasizing that the acclaimed lack of interest is merely a forex disparity. Salomondrin highlighted that this was due to the US dollar index (DXY) dropping, which led to other cryptocurrencies appreciating against the USD.

For perspective, Donald Trump’s tariff war led many institutions to lose interest in the US dollar as they sought alternative means of cross-border trading. The DXY crashed on this development and remains in a downtrend, dropping to 97 today.

As a result, during the period, Bitcoin surged against the US dollar to new highs but failed to replicate a similar feat against the more stable euro. As a result, Schiff’s claim that the price difference suggested a lack of interest lacked logic.

Moreover, Salomondrin stated that a similar price difference is seen in gold’s price against the dollar and the euro. Gold sells at $2,880 per ounce against the euro and $3,300 against the dollar; hence, Schiff’s comments are based on relative all-time highs rather than Bitcoin’s real value.

Remarkably, top market watchers have tipped Bitcoin to continue growing both in price and adoption. Recall that Tim Draper tipped BTC to increase infinitely against the US dollar, with Coinbase CEO Brian Armstrong arguing that nations will hold more Bitcoin than gold in the future.

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