Peter Schiff, chief economist at Euro Pacific Asset Management, posted on X on Saturday, October 24, 2026, that Bitcoin is experiencing a significant downturn. Schiff wrote, "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." This statement marks a renewed bearish outlook from Schiff, a known critic of the digital asset.
Schiff's comments come as Bitcoin has recently faced downward pressure. Recent Gokhshtein Media coverage reported Bitcoin dropping below $80,000, which triggered a $186 million liquidation surge for some positions. Another report noted that Bitcoin broke its 50-day moving average, accompanied by $495 million in long liquidations. Analyst Michaël van de Poppe had previously suggested Bitcoin would "sweep the low at $80,000," indicating potential further declines.
Schiff's view implies that the current price action is a significant breakdown rather than a temporary dip, with a potential target of $75,000. He suggested that if the $75,000 level does not hold by the end of the trading day, it could lead to increased selling pressure and market distress for Bitcoin holders, particularly those invested through exchange-traded funds who cannot trade over the weekend.
