Was this the latest wrong BTC prediction from Schiff or is there another leg down in the making over the weekend?
Aside from the overall painful experience of having to endure another bitcoin leg down, these corrections are usually accompanied by Peter Schiff’s never-ending criticism and predictions about the doom and gloom of BTC and the entire industry.
Yesterday was no exception. BTC dumped to a 5-week low at $79,000, and the goldbug came out of his shell and warned that the cryptocurrency is going to $75,000. That’s not exactly what happened next.
Schiff’s Latest
Is it really a correction if Peter Schiff doesn’t lash out? As reported yesterday, the primary cryptocurrency dipped below $80,000 and slipped to just over $79,000 for the first time since September 18. The goldbug outlined on X that “Bitcoin is finally breaking down,” going even further by saying, “it’s hard to believe it’s held up this long.”
His ultimate prediction for the weekend was that the asset will inevitably dump to $75,000. He also predicted a “very long weekend for Bitcoiners, especially for ETF investors who can’t sell until Monday.”
Needless to say, that didn’t happen. At least for now. Instead, BTC rebounded swiftly, reclaimed the $80,000 level, and even touched $81,000. Although it was stopped there and has retreated slightly on Sunday morning, it still remains above $80,000 – or, $5,500 above Schiff’s weekend target.
Willy Woo was among the first to catch Schiff’s latest crash prediction and noted that he is “immensely valuable to the BTC community as a counter signal.”
Previous Schiff ‘Right’ Calls
Some of his earliest calls date back to 2018-2019. During the 2018 bear market, he predicted a crash to $750, which didn’t materialize. A year later, he said BTC would never reach $50,000. In 2021, he admitted that BTC could briefly tap $100,000, but said a permanent drop to zero was “inevitable.”
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During the next major bear market in 2022, he doubled down on the idea that bitcoin won’t go back up to $50,000 as the asset had tumbled below $20,000. In 2024, he warned that the ETF launch would lead to no demand and a subsequent price crash. Just for reference, ETF investors have poured over $55 billion into the products. Oh, and BlackRock’s Bitcoin ETF far surpassed any gold products in its debut year.
In July this year, when bitcoin was struggling below $65,000, he said investors would regret not selling there. BTC exploded within a month.
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