Bitcoin Might Drop Below $58,000, According to Popular Economist

A well-known critic of Bitcoin, Peter Schiff, has once again predicted a sharp decline in the cryptocurrency’s value, suggesting it could fall below $58,000.

Currently hovering just above that threshold, Bitcoin stands at around $58,800.

Schiff dismissed any comparisons between Bitcoin and these assets, going so far as to claim that Bitcoin isn’t even comparable to silver. Recently, silver prices surged past $31 per ounce, eyeing a potential new high for 2024, while its year-to-date peak of $32.5 was reached in May.

As gold prices surged to a record $2,586, Bitcoin’s price took a dive, sliding below $60,000. This comes as the precious metals market rallies ahead of the Federal Reserve’s upcoming decision on interest rates.

READ MORE:

Coinbase CEO Addresses Concerns Over Bitcoin ETF Management

The shift in Bitcoin’s price has triggered a move in market sentiment, with the “Fear and Greed” index dropping to 39 points, signaling a turn towards “fear.” Just a day prior, the index reflected a more neutral stance as Bitcoin’s value briefly recovered. However, volatility returned as traders brace for the Federal Reserve’s anticipated rate cut later this month.

In June, Schiff predicted that Bitcoin’s value would continue to erode against gold for years to come. Although Schiff’s negative outlook on Bitcoin has been a constant theme, many consider his views to be overly pessimistic, given his long history of bearish predictions on the cryptocurrency.

Alexander Stefanov