Bitcoin Reclaims $80K Immediately After Peter Schiff Predicted a Crash to $75K

Bitcoin reclaimed the $80,000 level immediately after prominent goldbug Peter Schiff predicted a crash to $75,000 over the weekend. The cryptocurrency had dipped to a 5-week low at $79,000 on Saturday before Schiff made his prediction.

Schiff's Latest Prediction

Schiff took to X to declare that "Bitcoin is finally breaking down," expressing surprise that it had "held up this long." He predicted the asset would inevitably dump to $75,000 and warned of "a very long weekend for Bitcoiners, especially for ETF investors who can't sell until Monday."

Historical Pattern

Instead of crashing, Bitcoin rebounded swiftly, reclaiming the $80,000 level and even touching $81,000. Analyst Willy Woo noted that Schiff is "immensely valuable to the BTC community as a counter signal." This follows a pattern of Schiff's predictions being contradicted by market movements.

Schiff has a history of incorrect predictions about Bitcoin. In 2018, he predicted a crash to $750. In 2019, he said BTC would never reach $50,000. During the 2022 bear market, he claimed bitcoin wouldn't return to $50,000 after it fell below $20,000. In 2024, he warned Bitcoin ETFs would lead to no demand and a price crash, despite over $55 billion flowing into these products.