Peter Schiff Says Bitcoin’s Break Below $75,000 Leaves Little Time to Sell Before a Crash
Summary
- Peter Schiff said Bitcoin had fallen below the key $75,000 support level and added that “there is not much time left before the crash” and investors should sell before then.
- He said the market flow backdrop was weak, with U.S. spot Bitcoin ETFs posting $1.28 billion in net outflows and Bitcoin ending the week below its 50-week moving average.
- By contrast, Sean Hagan said the current price range offers an attractive buying zone for long-term investors, while Cathie Wood said Bitcoin is likely to continue outperforming gold.
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Bitcoin slipped below $75,000, prompting economist and gold advocate Peter Schiff to warn of further declines and urge investors to sell.
News.Bitcoin.com reported on November 10 that Schiff wrote in an X post a day earlier that Bitcoin had fallen below the key $75,000 support level. “There is not much time left before the crash,” he wrote. “You should sell before then.”
Schiff pointed to Bitcoin’s decline on the same day even as U.S. stocks, technology shares, gold, silver and precious-metals mining stocks advanced. Since the midterm elections, U.S. equities have been largely flat, while Bitcoin has dropped more than 4%. Over the same period, gold has gained more than 5%, silver has risen about 7%, and gold-mining stocks have climbed more than 18%.
Bitcoin fell as low as $73,477 intraday on November 9 before trading below $75,000. More than $1 billion in leveraged positions was liquidated in the crypto derivatives market that same day.
Market flows also showed weakness. U.S. spot Bitcoin exchange-traded funds posted net outflows of $1.28 billion last week, the largest weekly outflow in about four months. Bitcoin also ended the week below its 50-week moving average after holding above that level for seven straight weeks.
Still, market views remain divided. Analyst Sean Hagan described the current price range as an attractive buying zone for long-term investors. Ark Invest Chief Executive Officer Cathie Wood also said Bitcoin is likely to continue outperforming gold.
