Bitcoin Finally Crashing, Schiff Says
Bitcoin has dropped below the critical $80,000 level, prompting a gloating prediction from critic Peter Schiff.
Bitcoin has broken below the psychologically important $80,000 mark, triggering a new wave of selling pressure. The flagship cryptocurrency briefly touched $79,226 on October 24, its lowest level in more than a month.
The decline followed a brief attempt to approach the $85,000 level just days prior. The sharp drop triggered massive liquidations across the market, with over $815 million in leveraged positions being wiped out in 24 hours.
During a particularly turbulent four-hour period, roughly $404 million in long positions were liquidated. The bulls are struggling to regain control as the price continues to fall.
Bitcoin is finally breaking down. It’s hard to believe it’s held up this long,” Schiff wrote in a recent post on X.
Schiff, a long-time critic of the cryptocurrency, believes the next stop for Bitcoin is $75,000. He warned that a failure to defend this level could trigger even more substantial losses.
The economist also highlighted the unique vulnerability of Bitcoin exchange-traded funds (ETFs). These funds cannot exit their positions during the weekend when traditional stock exchanges are closed.
U.S.-listed spot Bitcoin ETFs recorded approximately $635.5 million in net outflows on Thursday. This brought the combined withdrawals over two trading sessions to roughly $773 million.
The outflows indicate a significant deterioration in institutional demand. For now, Schiff remains convinced that this latest breakdown could mark the beginning of a much deeper correction.
Related
