Bitcoin’s price cracked below $80,000 on Saturday, touching its lowest price in more than a month as leveraged traders absorbed hundreds of millions in liquidations. The weekend selloff handed longtime bitcoin critic Peter Schiff fresh ammunition for an even darker prediction.
Key Takeaways
- Bitcoin’s price fell to approximately $79,146 Saturday as leveraged liquidations accelerated the selloff.
- Peter Schiff predicts bitcoin will test $75,000 and warns ETF investors face a difficult weekend.
- Blackrock and Fidelity led a reported $635.6 million exodus from U.S. spot bitcoin ETFs this week.
Bitcoin’s $80,000 Floor Gives Way as Liquidations Mount
Bitcoin’s price slipped to approximately $79,146 on Oct. 24, marking its second sharp test of the $80,000 threshold in roughly 10 days. By early afternoon, the cryptocurrency traded between $79,400, $79,700, and back above $80,000 again, down approximately 2.3% to 2.5% over 24 hours.
The selling caught leveraged traders flat-footed. More than $810 million in cryptocurrency positions reportedly vanished within the last day, including approximately $689 million in bullish bets. Broader 24-hour liquidations show more than 200,000 traders wiped out, according to Coinglass.com stats. Thin weekend liquidity compounded the pressure. Once bitcoin breached $80,000, forced liquidations accelerated selling into an already weakened market.
Peter Schiff Targets $75,000 as ETF Investors Face Weekend Lockout
Gold advocate and longtime bitcoin critic Peter Schiff wasted little time weighing in, stating:
“Bitcoin is finally breaking down. It’s hard to believe it’s held up this long. 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’s warning points to an important distinction. Bitcoin trades continuously, but U.S.-listed spot bitcoin exchange-traded funds (ETFs) generally cannot be traded on stock exchanges during weekends. Investors holding those shares must wait until Monday’s session to react.
Institutional demand had already weakened. U.S. spot bitcoin ETFs lost $635.6 million earlier this week, led by approximately $254 million from Blackrock’s IBIT and $217.5 million from Fidelity’s FBTC. Another $138 million reportedly exited Oct. 23.
Technical Breakdown Meets Oil Shock and Fed Uncertainty
Bitcoin also slipped beneath its 50-day simple moving average near $81,700 to $81,800, breaking a technical support level that had held for approximately two months. Traders are now watching support around $78,400 and $77,876, followed by a broader zone between $76,700 and $72,500.
Beyond crypto, technology-stock weakness and elevated oil prices have complicated the outlook. Brent crude is coasting along above $117 on Saturday amid Middle East tensions, adding inflation concerns ahead of the Federal Reserve’s Oct. 27-28 meeting.
The immediate question isn’t whether Schiff gets his $75,000 target. It’s whether bitcoin buyers can reclaim $80,000 before ETF investors return on Monday.