Peter Schiff’s ‘$75K Bitcoin call’ meets a vital week: Fed, inflation, and ETF outflows loom

Is Bitcoin’s recent pullback just the start of a bigger crash? The last 24 hours have been a reality check for investors. However, looking at how the upcoming week could unfold, this pullback might turn out to be more bullish than bearish. The logic is simple: With BTC falling beneath $80k, traders may be more hesitant to lever up chasing long positions, potentially reducing the risk of excessive bullish positioning. Interestingly, the on-chain data indicates that Bitcoin’s Open Interest (OI) has returned to the same levels as during the $87k rally. However, this time more late shorts are entering the market, compared to the previous situation whereby greedy longs were buying the rally. So, if the bears become overcrowded, this can actually lead to a short squeeze instead.

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