Peter Schiff Warns Bitcoin Could Test $75K Support Level

Peter Schiff Points to $75,000 as BitcoinBTC+0.71%'s Next Possible Target

Financial commentator and longtime Bitcoin skeptic Peter Schiff has raised concerns about Bitcoin's short-term price trajectory. In a post on social media platform X on October 24, Schiff warned that the digital asset could drop toward the $75,000 mark after losing its hold on the $80,000 price level.

Bitcoin is finally breaking down. It's hard to believe it's held up this long. Now that it's below $80K, the next stop is likely $75K. If that level fails to hold today, it's going to be a very long weekend for Bitcoiners, especially for ETF investors who can't sell until Monday.

During Saturday trading on October 24, Bitcoin experienced a downturn that pushed its price to approximately $79,146—marking its lowest level in over a month. Although the asset dipped below the $80,000 mark, it remained above Schiff's $75,000 forecast. By early afternoon, prices fluctuated between $79,400 and $79,700 before recovering back above $80,000. At the time of reporting, Bitcoin was trading around $80,614 (up 0.74% on broader frames), while EthereumETH+1.33% traded around $2,353 (up 1.70%). Overall, the asset saw a 2.3% to 2.5% decline over the 24-hour weekend period.

Macro Factors: Weak Tech Stocks and Gold Market Pressure

Schiff's latest outlook builds on commentary he shared on October 22, where he questioned how long Bitcoin could stay resilient while traditional technology equities faced downward pressure. He highlighted specific stress in artificial intelligence-related shares, suggesting that crypto holders might want to consider selling ahead of further potential pullbacks.

He also drew comparisons to precious metals after gold dropped below the $4,000 threshold on October 23. Commenting on the cross-asset landscape, Schiff noted that both equities and gold had shown weakness, expressing surprise that Bitcoin had maintained its relative strength up to that point.

Spot Bitcoin ETFs Record Significant Daily Outflows

Institutional demand showed signs of slowing right before the weekend. On October 22, U.S. spot Bitcoin exchange-traded funds recorded a massive single-day net outflow of $635.49 million. This marked a sharp turnaround after three consecutive trading sessions that had previously attracted over $1 billion in net inflows.

• BlackRock's iShares Bitcoin Trust (IBIT) recorded outflows of $254.05 million in a single day.
• Fidelity's Wise Origin Bitcoin Fund (FBTC) saw $217.46 million leave the fund.
• Provisional figures from Farside reported an additional $137.9 million in net outflows on October 23, with one fund still to report.

The Weekend Timing Dilemma for ETF Holders

Products like BlackRock's iShares Bitcoin Trust ETF (IBIT) on Nasdaq allow traditional market participants to gain exposure to Bitcoin while standard brokerage institutions manage custodial arrangements. However, this setup introduces a timing mismatch during periods of weekend market volatility.

Because underlying Bitcoin trades continuously 24 hours a day, 7 days a week, price swings can occur while traditional stock exchanges are closed. As Schiff noted, investors holding spot ETFs cannot execute trades until stock markets reopen on Monday morning, leaving them unable to react immediately to weekend price changes.

Schiff's Perspective on Market Regrets and Cycles

In addition to his short-term price targets, Schiff reflected on market psychology across different cycles. While he previously acknowledged missing out on buying Bitcoin in its early stages, he believes the next major wave of regret will come from investors who chose not to lock in gains above the $60,000 mark.

Price predictions like Schiff's depend on specific macro conditions, such as ongoing weakness in equities or sustained ETF withdrawals. Should institutional inflows resume or broader risk sentiment improve, asset prices may trend upward or move sideways instead. Investors should keep in mind that past performance of digital assets is no guarantee of future results.