Peter Schiff sees $75K as bitcoins next likely stop after its drop below $80K. The warning follows his concerns about weakening technology stocks, extending his bearish outlook as cryptocurrency markets trade through the weekend.
Key Takeaways
- Peter Schiff warns of further trouble if bitcoin fails to hold $75K.
- ETF investors face weekend limits on selling their shares.
- U.S. spot bitcoin ETFs lost $635.49 million in a single day of withdrawals.
Peter Schiff Flags $75K After Bitcoin Breaks Below $80K
Bitcoin could test $75,000 after losing the $80,000 threshold, economist and longtime BTC critic Peter Schiff warned on X on Oct. 24. He singled out investors in exchange-traded funds (ETFs). His bitcoin price forecast followed an Oct. 22 post questioning how long the asset could withstand weakness in tech stocks.
Schiff stated:
“Bitcoin is finally breaking down. It‘s hard to believe it’s held up this long. Now that it‘s below $80K, the next stop is likely $75K. If that level fails to hold today, it’s going to be a very long weekend for Bitcoiners, especially for ETF investors who cant sell until Monday.”
“Bitcoin is finally breaking down. It‘s hard to believe it’s held up this long. Now that it‘s below $80K, the next stop is likely $75K. If that level fails to hold today, it’s going to be a very long weekend for Bitcoiners, especially for ETF investors who cant sell until Monday.”
Saturday‘s weekend price decline took the cryptocurrency to approximately $79,146 on Oct. 24, its lowest in more than a month and still above Schiff’s $75,000 mark. By early afternoon, prices had fluctuated between roughly $79,400 and $79,700 before recovering $80,000, leaving the asset down approximately 2.3% to 2.5% over 24 hours. As of writing, BTC is trading at $80,614.
Tech-Stock Weakness Shapes Schiffs Outlook
Technology stocks featured in Schiff‘s Oct. 22 X post questioning bitcoin’s ability to maintain its price as equities weakened. He specifically cited pressure on artificial intelligence-related shares and urged holders to sell, describing the cryptocurrencys relative resilience as a possible prelude to another decline.
His comparison also extended to precious metals, with gold falling below $4,000 on Oct. 23. In a separate X post, Schiff wrote:
“Both stocks and gold have been weak. That‘s why it’s surprising that bitcoin has held strong for this long.”
“Both stocks and gold have been weak. That‘s why it’s surprising that bitcoin has held strong for this long.”
Bitcoin ETF Withdrawals Precede Weekend Selloff
Demand had already weakened before Saturday, with U.S. spot bitcoin ETF withdrawals totaling $635.49 million on Oct. 22. Blackrock‘s IBIT lost $254.05 million, and Fidelity’s FBTC shed $217.46 million. The reversal followed three sessions that attracted more than $1 billion. Provisional Farside figures show another $137.9 million left the category Oct. 23, with one fund yet to report.
Funds such as Blackrock‘s Ishares Bitcoin Trust ETF (Nasdaq: IBIT) seek to reflect the cryptocurrency’s performance while handling the operational and custody arrangements associated with holding it directly. Investors buy and sell these shares through brokerage accounts.
The distinction between ETF shares and direct bitcoin ownership creates the timing risk Schiff highlighted: bitcoin trades continuously, while U.S.-listed securities generally follow stock-market schedules. Their underlying holdings can change in value while exchanges are closed.
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