Peter Schiff Says Bitcoin’s Break Below $75,000 Leaves Little Time to Sell Before a Plunge

• Peter Schiff said Bitcoin’s break below $75,000 means “there is little time left before a plunge” and that investors should sell before that happens.
• He cited the rise in U.S. stocks, technology shares, gold, silver and precious-metals mining stocks, versus Bitcoin’s drop of more than 4%, along with $1 billion in liquidations of leveraged positions in the crypto derivatives market, as grounds for the risk of further declines.
• Despite bearish signals including $1.28 billion in net outflows from U.S. spot Bitcoin exchange-traded funds (ETFs) and a break below the 50-week moving average, Sean Hagan called the current range a buying zone for long-term investors, while Cathie Wood said Bitcoin would continue to outperform gold.

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Bitcoin’s slide below $75,000 prompted economist and gold advocate Peter Schiff to urge investors to sell, warning of further downside.

NewsBitcoin.com reported on November 10 that Schiff wrote in a post on X the previous day that Bitcoin had fallen below the key $75,000 support level. “There’s not much time left before a crash,” he wrote. “You should sell before then.”

He cited a divergence with other markets that day. U.S. stocks, technology shares, gold, silver and precious-metals mining stocks all rose, while Bitcoin fell. Since the midterm elections, U.S. equities have largely traded flat, but Bitcoin has dropped more than 4%. Over the same period, gold has gained more than 5%, silver about 7% and gold-mining shares more than 18%.

Bitcoin fell as low as $73,477 intraday on November 9 and then traded below $75,000. More than $1 billion in leveraged positions were liquidated in the crypto derivatives market that day.

Market flows also pointed to weakness. U.S. spot Bitcoin exchange-traded funds recorded $1.28 billion in net outflows last week, the largest weekly withdrawal in about four months. Bitcoin also ended weekly trading below its 50-week moving average, snapping a seven-week streak above that level.

Even so, views on the market remain divided. Analyst Sean Hagan called the current price range an attractive buying zone for long-term investors. Cathie Wood, chief executive officer of Ark Invest, also said Bitcoin would continue to outperform gold.

Minseung Kang