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Prominent Bitcoin critic and gold advocate Peter Schiff has stated that the world’s largest cryptocurrency is finally breaking down.
Schiff’s gloating came after the price of the flagship coin plunged below the psychologically important $80,000 level.
Is $75,000 next?
The economist believes that Bitcoin (BTC) could be heading toward $75,000, warning that a failure to defend this level could trigger even more substantial losses.
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“Bitcoin is finally breaking down. It’s hard to believe it’s held up this long,” Schiff wrote in a recent post on X.
“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 can’t sell until Monday.”
Schiff has stressed that Bitcoin exchange-traded funds (ETF) cannot exit their positions during the weekend when traditional stock exchanges are closed.
It is worth noting that the U.S.-listed spot Bitcoin ETF shares cannot be bought or sold until regular trading resumes on Monday.
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Bitcoin plunges below $80,000
Bitcoin experienced another sharp sell-off on Saturday,
Oct. 24, the top coin briefly plunged to approximately $79,226, according to CoinGecko data.
The cryptocurrency dropped to its lowest level in more than a month.
The latest decline came just days after Bitcoin had briefly approached the $85,000 level on Wednesday, Oct. 21.
The price plunge caused massive liquidations across the cryptocurrency market.
According to CoinGlass, more than $815 million worth of leveraged cryptocurrency positions were liquidated within 24 hours. Of course, bullish traders suffered the overwhelming majority of the losses.
During one particularly turbulent four-hour period, roughly $404 million worth of long positions got wiped out.
Bitcoin subsequently managed to recover above the $80,000 mark. However, the bulls are not out of the woods just yet.
Bitcoin ETFs face renewed selling pressure
The latest Bitcoin price crash also coincided with a significant deterioration in institutional demand.
U.S.-listed spot Bitcoin ETFs recorded approximately $635.5 million in net outflows on Thursday.
This brought the combined withdrawals over the two trading sessions to roughly $773 million.
For now, Schiff remains convinced that the latest breakdown could mark the beginning of a much deeper Bitcoin correction.