Summary
- Peter Schiff predicts Bitcoin could fall toward $75,000 following its decline below $80,000, warning investors about further potential losses.
- Bitcoin dropped to approximately $79,226 as cryptocurrency liquidations exceeded $815 million, with bullish traders suffering most of the losses.
- U.S. spot Bitcoin ETFs recorded $635.5 million in outflows, while weekend trading restrictions heightened concerns about institutional investor exposure.
Bitcoin’s decline below $80,000 has prompted another bearish warning from economist Peter Schiff, who expects further losses toward $75,000. According to Schiff, Bitcoin’s inability to maintain the $80,000 level signals growing weakness, potentially exposing investors to additional selling pressure. The longtime Bitcoin critic also warned that exchange-traded fund investors face particular risks during weekend market declines.
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Peter Schiff Predicts Bitcoin Drop to $75,000
Schiff expressed concerns about Bitcoin’s price direction in an October 24 post, describing the cryptocurrency’s latest decline as significant. “Bitcoin is finally breaking down. It’s hard to believe it’s held up this long,” Schiff wrote.
He identified $75,000 as the next potential downside target, warning that further weakness could deepen losses across the cryptocurrency market. According to Schiff, Bitcoin investors could face a difficult weekend if the cryptocurrency fails to maintain support around $75,000.
His warning particularly targeted investors holding U.S.-listed spot Bitcoin ETFs, which trade during regular stock market sessions. Unlike Bitcoin, which trades around the clock, these investment products remain unavailable for trading during weekends.
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Consequently, ETF shareholders cannot immediately sell their shares when Bitcoin experiences significant price movements outside traditional market hours. Schiff believes this restriction could leave investors exposed to additional losses before trading resumes on Monday.
Bitcoin Falls to $79,226 as Liquidations Exceed $815 Million
Bitcoin’s latest downturn followed several unsuccessful attempts to establish stronger upward momentum during the preceding trading sessions. According to CoinGecko data, BTC briefly dropped to approximately $79,226 on October 24, reaching its lowest price in over a month.
The decline followed Bitcoin’s earlier recovery toward $85,000 on October 21, highlighting the cryptocurrency’s recent price volatility. Meanwhile, leveraged traders recorded substantial losses as falling cryptocurrency prices triggered widespread liquidations across major trading platforms.
CoinGlass data showed that liquidations exceeded $815 million within 24 hours, with bullish positions accounting for most losses. During one four-hour period, traders lost approximately $404 million through liquidated long positions as selling pressure intensified. Bitcoin subsequently recovered above $80,000, although the rebound did not eliminate Schiff’s concerns about another potential decline.
Bitcoin ETFs Record $635.5 Million in Outflows
Institutional investment activity also weakened as U.S. spot Bitcoin ETFs experienced substantial withdrawals during the latest market downturn. The funds recorded approximately $635.5 million in net outflows on Thursday, reflecting reduced exposure among investors.
Additionally, combined withdrawals reached roughly $773 million across two trading sessions, coinciding with Bitcoin’s struggle to maintain higher prices. These developments added to concerns surrounding institutional demand, particularly as Bitcoin approached the downside levels identified by Schiff.
Bitcoin’s recovery above $80,000 has not changed Schiff’s bearish outlook, with the economist maintaining his $75,000 downside target. His warning places particular emphasis on further price weakness and the trading restrictions facing ETF investors during weekend volatility.
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