Bitcoin dropped to a 5-week low near $79,000, and Peter Schiff predicted a slide to $75,000. The price instead rebounded above $80,000 and touched $81,000.
Bitcoin rebounded above $80,000 after Schiff forecast a drop to $75,000. The price even touched $81,000 before it retreated slightly on Sunday morning.
Schiff's call after the dip
The primary cryptocurrency slipped to just over $79,000 for the first time since September 18, a correction that drew the goldbug's criticism. Schiff said on X that Bitcoin was finally breaking down.
His weekend target was $75,000. According to Schiff, it would be a "very long weekend for Bitcoiners, especially for ETF investors who can’t sell until Monday."
Bitcoin holds above the target
That outcome did not materialize, at least for now. Bitcoin still trades above $80,000, or $5,500 above Schiff's weekend target.
Willy Woo was among the first to notice the call and called Schiff a valuable counter signal for the BTC community.
A record of missed predictions
Schiff's earliest Bitcoin calls date back to 2018-2019. During the 2018 bear market, he predicted a crash to $750, which did not happen. 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.
Source: CryptoPotato
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