Peter Schiff, long-time gold advocate and crypto skeptic, has reignited bearish sentiment in digital assets with a new forecast predicting steep declines for both Bitcoin and Ethereum.
The crypto market saw over $19 billion of leveraged positions liquidated within 24 hours starting Friday, October 10, marking the largest liquidation event in the market. The capitulation event was reportedly sparked by President Trump’s renewed tariff war with China.
Schiff, the Chief Economist and Global Strategist at Euro Pacific Capital, warned that the market’s recent downturn could nosedive further, sending Bitcoin as low as $75,000 and Ethereum crashing to $1,500.
“Crypto carnage continues,” Schiff wrote. “Bitcoin is below $110,000, and Ether is below $3,700. If Ether cracks $3,350, it could crash to $1,500, nearly 70% below its record high. If that happens, Bitcoin could sink to about $75K, a 40% drop from its peak, wiping out all of $MSTR’s paper gains.”
Schiff continues to attack Saylor’s Strategy
Much of Schiff’s warning focused on Michael Saylor’s company, Strategy, whose balance sheet is heavily exposed to Bitcoin. The firm holds over 640,031 BTC, worth more than $71 billion as of the time of writing, making it the largest corporate holder of the digital asset.
Saylor’s Bitcoin accumulation strategy, financed through convertible notes and equity offerings, has made him one of the most visible evangelists of “digital gold”. However, it has also tied the company’s fortunes closely to Bitcoin’s price swings.
Should Schiff’s rhetoric about the possibility of BTC heading toward $75,000 come to pass, it would erase Strategy’s “paper gains” as he predicted, and reignite debate over the sustainability of its leveraged approach.
Saylor, for his part, has continued to defend the firm’s accumulation policy. Late last month, he said that Strategy’s endgame is to accumulate $1 trillion worth of Bitcoin, dismissing his critics by saying that each price milestone brings new skeptics, yet adoption continues to grow.
More bearish predictions for Ethereum
Ethereum, meanwhile, has also come under pressure, with Schiff claiming that a break below $3,350 could trigger a major selloff.
“As bad as Bitcoin looks, Ethereum looks even worse. While Bitcoin is only down about 10% from its record high, Ether is down 21%. It’s now trading near $3,900. If it breaks support around $3,350, a quick move down to $1,500 is a real risk. Get out now!, he wrote in a post on X.
Not all observers agree with Schiff’s dire forecast. Some market strategists argue that even if Ethereum briefly breaches $3,350, strong on-chain fundamentals, including rising staking participation and increased participation of institutional investors such as Bitmine, which used the fall as an opportunity to acquire more ETH, could limit downside pressure.
The veteran gold fund manager, who has spent years predicting the collapse of what he calls “the Bitcoin bubble,” has been one of the few consistent bears through multiple market cycles. However, it’s worth noting that many of his earlier predictions have failed to materialize.
Schiff’s $75,000 Bitcoin target remains a minority view, but one that reflects growing caution across digital assets. If that reality involves a break below key support levels, the next few weeks could test the faith of even the market’s most hardened believers.
Market players like Tom Lee, co-founder of Fundstrat and chairman of BitMine, say that the current drop is a buying opportunity rather than a harbinger for a prolonged market crisis.
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