Peter Schiff Berates Bitcoin, Issues $75,000 Bearish Price Target

Bitcoin (BTC) price recently dropped below $110,000, providing popular critic Peter Schiff with the opportunity to give one of his pessimistic opinions. According to the economist, the price of the flagship cryptocurrency is headed for a bearish turn and may possibly reach $75,000 in no time.

Peter Schiff and His Pessimistic Bitcoin History

Peter Schiff is largely recognized for his negative statements about Bitcoin. He constantly discourages investors from investing their funds into the coin on the basis that it would crash. This time around, he has predicted that BTC will retreat to $75,000. Based on CoinMarketCap data, Bitcoin price is currently at $110,355.23, corresponding with a 1.16% dip in the last 24 hours.

This means that Schiff expects BTC to lose more than 31% of its current value. He claimed that the coin has already lost 13% from its high less than two weeks ago.

Furthermore, he noted that he expected the hype and corporate buying of Bitcoin to push the price high. In light of the present scenario, “this weakness should be cause for concern,” Schiff wrote on X.

He encouraged his followers to seize the opportunity of the current price level to sell their holdings, and to buy back when the price hits a drastic low. With more pessimism, the anti-Bitcoin businessman noted that the $75,000 price level is the minimum decline that the coin will experience. It is therefore clear that Schiff sees the BTC price returning to its level as of December 2024.

Peter Schiff even compared the potential dip to the average cost of Strategy’s MSTR stock. His post triggered some backlash from crypto enthusiasts, as most of them pointed out his history of giving predictions about Bitcoin that never became a reality.

Back in March, Schiff estimated that the Bitcoin price could go all the way down to $20,000. It is worth noting that Bitcoin was trading around $81,820 at the time.

Bitcoin Holder Dumps Stash, Buys Ethereum

The recent drop in Bitcoin price may be giving investors jitters, especially as the coin had recently climbed to more than $123,000.

Its current price level is a significant fall from this all-time high (ATH) that turned many crypto enthusiasts into millionaires. As it stands, some Bitcoin holders are beginning to dump their holdings to go after other digital assets.

Lookonchain recently spotted an old Bitcoin wallet that had accumulated 100,784 BTC for $642 million over the past seven years. All of a sudden, it is now aiming for Ethereum. The holdings of this whale are now worth over $11.1 billion, per BTC’s current price. As of August 25, the whale address had dumped 22,769 BTC, worth roughly $2.59 billion at the time.

In return, it secured 472,920 ETH, worth $2.22 billion, in their spot wallet on Hyperliquid. Also, this whale has opened a $577 million ETH long position to show its shifting alliances.

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