The head of Euro Pacific, Peter Schiff, shared a pessimistic forecast for the cryptocurrency market. According to the economist, Bitcoin and Ethereum will continue to decline.
Since October 10, more than $19 billion has been liquidated in the cryptocurrency market in just one day. It is assumed that the mass sell-off of crypto assets was provoked by the resumption of the tariff war between U.S. President Donald Trump and China. Peter Schiff warned that bearish sentiments in the market will continue, and as a result, Bitcoin will fall to $75,000, while Ethereum will drop to $1,500.
«The cryptocurrency slaughter continues. Bitcoin has dropped below $110,000, and Ethereum below $3,700. If Ethereum reaches $3,350, it could crash to $1,500, nearly 70% below its all-time high. If this happens, Bitcoin could fall to around $75,000, which is 40% below its peak», — wrote Schiff on social media.
He added that if this happens, all the gains of the company Strategy (MSTR) will be wiped out. Strategy is considered one of the largest corporate holders of Bitcoin, and its balance largely depends on the price of the first cryptocurrency. Currently, Michael Saylor's company owns over 640,031 BTC worth more than $71 billion. Strategy buys Bitcoin by issuing convertible bonds, and the company's balance is affected by Bitcoin price fluctuations.
Recently, Peter Schiff stated that financial corporations on Wall Street are starting to lose interest in Bitcoin and will soon return to gold. In August, Schiff already warned traders about a potential collapse of Bitcoin below $75,000.
