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Ahmed Barakat
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Bitcoin price has once again challenged Peter Schiff’s latest crash warning, after the longtime crypto critic predicted BTC would fall to $75,000 following a weekend selloff. Bitcoin briefly recovered above $80,000 after dropping to around $79,100 2 days ago, leaving Schiff’s immediate downside target untested.
The rebound offered another awkward moment for Schiff, who has repeatedly questioned Bitcoin’s staying power despite its continued presence in financial markets. However, Bitcoin slipped below $80,000 again on October 26, showing that the market remains under pressure and that the latest recovery has not settled the debate.
Schiff issued his latest warning on X on October 24, after Bitcoin fell below the closely watched $80,000 level.
He also warned that failure to hold $75,000 would make for a difficult weekend for Bitcoin investors, particularly those using exchange-traded funds (ETFs), which cannot generally be traded on US stock exchanges during weekends.
Bitcoin subsequently recovered above $80,000 and briefly reached $81,000, challenging the immediate timing of Schiff’s prediction. However, the recovery did not last uninterrupted. Bitcoin price is trading just above $80,000 after reaching an intraday low around $79,300.
Peter Schiff Keeps Expecting Bitcoin to Collapse
The latest warning follows years of Schiff questioning Bitcoin’s value and predicting further declines. His argument is that Bitcoin lacks the monetary history and intrinsic value he associates with gold, while its market price remains vulnerable to speculation and investor sentiment.
Yet Bitcoin has continued to attract attention from investors and financial institutions, including through US spot Bitcoin ETFs. Their existence does not guarantee higher prices, but it gives investors another route into the market beyond directly purchasing and holding BTC.
Schiff has also acknowledged that Bitcoin’s resilience has surprised him. In an October interview with Scott Melker, he discussed Bitcoin holding onto gains while gold surrendered much of its advance. “I don’t really know what’s holding it up,” Schiff said, while maintaining that Bitcoin could eventually make new lows.
That admission is worth examining. Schiff can reasonably argue that Bitcoin remains volatile and that its price could fall substantially. But repeatedly anticipating a collapse also leaves his analysis open to scrutiny whenever Bitcoin recovers and buyers return.
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Bitcoin Price Faces More Than One Bearish Signal
The latest selloff was not happening in isolation. US spot Bitcoin ETFs experienced substantial withdrawals during the week, with $635.5 million leaving the products on October 22, and $137 million on October 23.
Those outflows give bears a concrete reason to remain cautious. ETF demand can weaken, leveraged positions can amplify price swings, and market uncertainty can push investors away from riskier assets.
For the Bitcoin price, the immediate levels to watch are $80,000 and Schiff’s $75,000 target. A sustained recovery above $80,000 would weaken the case for an immediate breakdown, while a decisive move toward $75,000 would bring his latest warning closer to reality.
For now, the Bitcoin price remains under pressure, and Schiff’s $75,000 target is still in play. The next move will determine whether his warning gains traction or becomes another bearish call that Bitcoin investors can revisit after the market turns.
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