Peter Schiff Predicts Bitcoin Price Will Plunge to $75,000
Economist and gold advocate Peter Schiff has forecast a 31% decline in Bitcoin’s price, predicting a drop from recent levels near $110,000 to a bearish $75,000. Schiff cited the cryptocurrency’s recent 13% fall from its August highs and questioned the sustainability of institutional buying, advising traders to sell now and buy back at lower prices. He compared the projected $75,000 support level to MicroStrategy’s average cost basis. In parallel, on-chain data revealed a major Bitcoin whale unloading 22,769 BTC (roughly $2.6 billion) and reallocating funds into Ethereum, acquiring 472,920 ETH ($2.2 billion) and opening a $577 million ETH long position. Traders should monitor these developments for potential short-term trading opportunities and assess implications for market sentiment and liquidity.
Bearish
Peter Schiff’s public bearish price target on Bitcoin is likely to amplify selling pressure and reinforce negative sentiment among traders. Historically, high-profile bearish forecasts have coincided with increased volatility and short-term declines in BTC price. The large on-chain transfer—dumping over 22,000 BTC to fund an Ethereum position—further signals a shift of capital away from Bitcoin, potentially reducing demand. In the short term, this combination may trigger profit-taking and hesitation, while in the long term, persistent bearish narratives and significant outflows could slow Bitcoin’s recovery despite underlying institutional interest. Traders should factor in these dynamics when planning entry and exit strategies.