Peter Schiff Predicts More Losses for Bitcoin as BTC Goes Below 2021 High
Bitcoin has fallen below its 2021 record of $69,000, prompting gold advocate Peter Schiff to declare the cryptocurrency is in a long-term bear market.
The flagship cryptocurrency is now trading just a few hundred dollars above $68,000, a level it first reached in November 2021. This price action has led Schiff to assert that the long-term trend for Bitcoin is down.
Bitcoin is in a long-term bear market. The long-term trend is down.
Schiff’s prediction comes as the asset failed to hold a recovery above $75,000. This weakness was exacerbated by the resignation of Nvidia co-founder and CEO Jensen Huang, which caused Bitcoin to shed nearly 4% of its value in a single day.
Bitcoin was among the hardest-hit assets during this period, with a 7.0% dip in 24 hours. Other major cryptocurrencies like XRP, ETH, and SOL experienced even steeper losses, falling 16%, 14%, and 12%, respectively.
The recent decline has pushed Bitcoin down over 9% across seven days and nearly 11% in the past two weeks. It is now more than 17% lower than its price a month ago.
Critics and supporters trade barbs
Schiff’s assessment has not gone unchallenged. Bitcoin podcaster Stephan Livera pointed out that the asset had also traded below its 2017 all-time high in November 2022, arguing that comparing previous market peaks with subsequent lows can be misleading.
Schiff countered these arguments by highlighting the performance of gold, which he believes will recover above $5,600 before the end of 2027. He also defended his preferred asset, noting that gold had gained more than $40 during the night.
The debate has extended to the performance of Strategy, the company led by Michael Saylor. On Monday, Strategy announced it had bought an additional 1,036 BTC for about $82 million and a $188 million repurchase of its STRC stock.
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