Bitcoin Faces Bearish Pressure Amid Nasdaq Slump and Market Volatility
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Peter Schiff Predicts Bitcoin Crash to $20K
Economist Peter Schiff warns that Bitcoin could tumble to $20,000 if the Nasdaq enters a deeper correction. With the index already down 12%, Schiff draws parallels between Bitcoin and the tech-heavy Nasdaq’s historical trends. A 20% drop could pull BTC down to $55,000, while a 40% crash might send it spiraling to $20,000.
Highlighting past downturns, Schiff recalled the Nasdaq’s severe losses during the dot-com bubble, 2008 financial crisis, and 2020 pandemic, raising red flags for crypto investors.
Gold Outshines Bitcoin Amid Market Uncertainty
While Bitcoin struggles, gold has surged 13% since the Nasdaq’s December peak. Schiff believes continued stock market weakness could push gold beyond $3,800, challenging the perception of Bitcoin as "digital gold" and potentially shaking institutional trust in BTC.
Rising Pressure on Bitcoin-Linked Firms
Schiff also cautioned that companies with large Bitcoin holdings, like MicroStrategy, may face liquidation risks if prices plummet rapidly, adding another layer of concern to an already tense market.
Increased Trading Activity Signals Caution
Despite weekend stability, Bitcoin traded at $83,742, down 0.66%, while trading volume surged 79%, signaling heightened caution as traders await the Federal Reserve's next move.