Bitcoin fell below the $75,000 level on Monday, and Peter Schiff used the moment to repeat a call: sell before the chance disappears. In a post on X, Schiff said stocks were up, including tech and metals miners, while gold and silver also gained. Bitcoin, he noted, was down again and trading under key support at $75K. He said a short window before a crash and told holders to sell before it closes.
He followed up later that day, saying it is undeniable that bitcoin will go much lower and urging investors to sell now. That is a strong claim, and Schiff has made similar ones before. Still, it came during a rough session for crypto.
The split between bitcoin and other assets
Schiff’s main point is that bitcoin is failing a test other assets are passing. Since the midterm elections, U.S. stocks are roughly flat, while bitcoin is down more than 4%. Gold is up more than 5%, silver nearly 7%, and gold mining stocks more than 18%. He called this a sign of things to come and told investors to adjust.
Monday’s trading followed that pattern. Gold rose about 1.7% to settle at $4,141.14 an ounce. Bitcoin dropped to $73,477 as more than $1 billion in speculative positions were wiped out. It later struggled below $75,000 and traded near $74,600 at the time of writing.
Schiff has been watching $75,000 for weeks
This is not a new target for Schiff. He has circled the $75,000 mark for over a month. On Oct. 24, with bitcoin just below $80,000, he said the next stop was likely $75K. He also warned ETF holders faced a long weekend because they could not sell until Monday. A week later, after gold’s sharp drop, he called the metal’s selloff an unexpected gift for investors to buy more.
Bitcoin reached his target this week. Its next move will show whether his crash call holds up. Selling pressure is also coming from miners. MARA disclosed on Monday that it sold 13,597 BTC after the third quarter to repay $750 million in loans.
Other signals support caution, but bulls are still active
U.S. spot bitcoin ETFs posted $1.28 billion in outflows last week, the largest weekly outflow in about four months. Bitcoin also closed below its 50-week moving average. That ended a seven-week run of closes above it, even after Binance’s $6.3 billion hack. Analyst Benjamin Cowen, who had argued all year that falling equities would drag bitcoin lower in the fourth quarter, said he sees more pain ahead for crypto.
That said, the bulls are not giving up. Analyst Sean Hagan called the current level an excellent buying opportunity for long-term believers. Derivatives positioning also leans against Schiff’s call. About $1.3 billion in short positions would be liquidated if bitcoin climbed back to $79,000, compared with about $400 million in long risk down to $72,000. Ark Invest’s Cathie Wood also took the opposite side late yesterday, saying gold is going down and arguing that bitcoin will keep gaining on it.
