Bitcoin Reclaims $80K Immediately After Peter Schiff Predicted a Crash to $75K

Aside from the overall painful experience of having to endure another bitcoin leg down, these corrections are usually accompanied by Peter Schiff’s never-ending criticism and predictions about the doom and gloom of BTC and the entire industry.

Yesterday was no exception. BTC dumped to a 5-week low at $79,000, and the goldbug came out of his shell and warned that the cryptocurrency is going to $75,000. That’s not exactly what happened next.

Schiff’s Latest

Is it really a correction if Peter Schiff doesn’t lash out? As reported yesterday, the primary cryptocurrency dipped below $80,000 and slipped to just over $79,000 for the first time since September 18.

His ultimate prediction for the weekend was that the asset will inevitably dump to $75,000. He also predicted a “very long weekend for Bitcoiners, especially for ETF investors who can’t sell until Monday.”

Needless to say, that didn’t happen. At least for now. Instead, BTC rebounded swiftly, reclaimed the $80,000 level, and even touched $81,000. Although it was stopped there and has retreated slightly on Sunday morning, it still remains above $80,000 – or, $5,500 above Schiff’s weekend target.

Some of his earliest calls date back to 2018-2019. During the 2018 bear market, he predicted a crash to $750, which didn’t materialize. A year later, he said BTC would never reach $50,000. In 2021, he admitted that BTC could briefly tap $100,000, but said a permanent drop to zero was “inevitable.”

During the next major bear market in 2022, he doubled down on the idea that bitcoin won’t go back up to $50,000 as the asset had tumbled below $20,000. In 2024, he warned that the ETF launch would lead to no demand and a subsequent price crash. Just for reference, ETF investors have poured over $55 billion into the products. Oh, and BlackRock’s Bitcoin ETF far surpassed any gold products in its debut year.

In July this year, when bitcoin was struggling below $65,000, he said investors would regret not selling there. BTC exploded within a month.