Bitcoin OG’s selling to ‘weak’ hands will deepen selloffs: Peter Schiff

💡 DMK Insight

Weak hands are a ticking time bomb for Bitcoin’s price stability. The current sentiment suggests that new holders, often less experienced, are likely to panic sell at the first hint of volatility. This behavior can exacerbate market drawdowns, especially if Bitcoin faces resistance at key levels. If we see a drop below a significant support level, it could trigger a cascade of sell-offs, pushing prices down further. Traders should keep an eye on the $30,000 mark; a breach here could lead to increased selling pressure as weak hands exit. On the flip side, this scenario could present a buying opportunity for seasoned traders looking to capitalize on lower prices. Institutions might also step in to accumulate Bitcoin at discounted rates, potentially stabilizing the market. Watch for trading volumes and sentiment indicators to gauge when the panic might peak, as this could signal a reversal point for savvy investors.