Bitcoin’s slide may deepen; rebound unlikely.

• A challenging period for Bitcoin is a boon for Peter Schiff – or so it might seem based on his recent posts on X. As though the recent plunge to $94,000 on Sunday evening wasn’t sufficient, the American economist and precious metals dealer now provides a specific warning for holders.
• “The actuality that Bitcoin has historically bounced back from each bear market will deter numerous investors from liquidating their holdings in the coming years,” Schiff initially pens. Yet, this is by no means in their finest interest, because “this occasion Bitcoin might plummet further instead of rebounding.”
• So, was the $126,000 in October the apex already? At least the long-standing crypto doubter is persuaded: “As losses accumulate, holders will equally forgo profit prospects with other assets.”
• “The massacre is far from concluded. Offload your Bitcoin now!” Schiff had advised just some days prior. Not without likewise jesting regarding declining crypto equities like Gemini. Now he’s concentrating on MicroStrategy, Michael Saylor’s treasury corporation.
• The individual, who already likened Bitcoin to the notorious tulip craze in 2013, happily observes: “MSTR has declined by over 64 percent from its high point in November 2024.” Even more noteworthy, however, is that Saylor has only attained a yield of 27 percent over the last 5 years due to the average price of $74,000 per BTC.
• What he disregards in this assessment, nevertheless, is that when MicroStrategy initially bought Bitcoin in August 2020, its market capitalization hovered around 1.3 billion US dollars – a small cap that barely any investor had ever been aware of. Presently it stands at 57 billion US dollars, which exceeds the combined market capitalization of companies like Volkswagen, E.ON, or BASF.
• It’s not surprising that Schiff’s pronouncements are once again eliciting critique from the Bitcoin fraternity. One X user inquires: “Why is it dissimilar this time, Peter? You’ve been incorrect each time – why are you so certain you’re correct this time?”

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Recommended video: Are altcoins on the verge of surging? Why Bitcoin is signaling now!

Sources

• Peter Schiff I X-Post