Gold advocate and economist Peter Schiff stated on social media this week that the Bitcoin bear market still has a long way to go and is currently "at a critical support level". If the support level is not stable, the price may drop significantly. Peter Schiff attributed part of the Bitcoin decline to Mt. Gox's repayment of related sales, but he argued that this also exposed the "myth of institutional demand". He said that if such demand really existed, buyers would seize the opportunity to buy Mt. Gox Bitcoin off the market.

Peter Schiff also commented on spot Bitcoin ETFs, believing that although Bitcoin ETF buyers are still holding, there are currently no signs of panic. Judging from trading activity, Bitcoin ETF buyers still seem to be holding. So far, there have been no signs of panic. Bitcoin may need to drop significantly before they finally surrender. This may happen as early as next week, especially after another large-scale sell-off this weekend.