Bitcoin News Today: Bitcoin's Plunge: A Relentless Critic's Latest "Obituary" Fails to Stay

Bitcoin Critic Peter Schiff has issued another warning that the cryptocurrency could continue its downward trajectory, potentially dropping to as low as $75,000, following a recent decline below $109,000. The move comes amid heightened speculation and volatility in the crypto market, even as corporate entities continue to add Bitcoin to their balance sheets. Schiff, a well-known economist and long-time skeptic of Bitcoin, reiterated his bearish stance in a recent post on X, noting that the price decline reflects underlying weaknesses in the asset class [1].

Schiff’s prediction suggests a significant correction from Bitcoin’s recent peak and highlights the growing divide between bullish corporate accumulation and bearish market sentiment. He advised current holders to consider selling their positions and buying back at lower levels, though he clarified that his strategy is not applicable to those who do not already own Bitcoin. The economist also pointed out that the decline raises questions about who is selling the asset, especially given the recent corporate interest [1].

The warning adds to a growing list of 18 separate “Bitcoin obituaries” Schiff has published over the years, according to a satirical list maintained by crypto observers. This record puts him at the top of the “Hall of Fame” for prominent critics who have repeatedly declared the cryptocurrency dead. Despite this, Bitcoin has continued to rise, challenging the accuracy of these repeated predictions. Critics on the list also include economists like Nouriel Roubini and Paul Krugman, as well as financial leaders such as Warren Buffett and Jamie Dimon [2].

In his latest post, Schiff contrasted Bitcoin’s performance with other asset classes, noting that gold prices have remained stable and the NASDAQ has only dipped slightly over the same time frame. He emphasized that Bitcoin’s relative decline suggests a lack of broad market support, despite the current wave of corporate adoption. This observation has drawn mixed reactions from the crypto community, with some dismissing it as the latest in a series of incorrect forecasts [1].

Schiff’s track record has come under scrutiny as Bitcoin continues to rise, despite his repeated warnings. A recent social media user humorously noted that “BTC is programmed to ensure Peter Schiff is wrong,” a sentiment echoed by others who have tracked his long history of bearish predictions. While his skepticism has not prevented Bitcoin from reaching higher price points, it has underscored the ongoing debate over the cryptocurrency’s long-term viability as a store of value and investment vehicle [1].

The market’s response to Schiff’s latest forecast remains to be seen, but his influence as a high-profile critic continues to shape public and investor sentiment. As Bitcoin approaches potential key support levels, market participants will be closely watching for signs of stabilization or further decline. The broader financial community will also be paying attention to whether corporate adoption can offset the ongoing bearish pressure and drive the price higher in the coming months [1].

Source:

[1] Peter Schiff Predicts Bitcoin Could Sink To $75,000: 'Sell Now, Buy Back Lower' (https://finance.yahoo.com/news/peter-schiff-predicts-bitcoin-could-133932647.html)

[2] Peter Schiff Leads Bitcoin 'Obituary' List Ahead Of Warren Buffett And Jamie Dimon: 'At Least I Made The Top…' (https://finance.yahoo.com/news/peter-schiff-leads-bitcoin-obituary-180108128.html)