Peter Schiff Sees Bitcoin (BTC) Sliding to $75,000 After Break Below $80,000

Peter Schiff Points to $75,000

Economist and longtime Bitcoin (BTC) critic Peter Schiff warned on Saturday, October 24, that the Bitcoin (BTC) price could be heading for $75,000 after the asset gave way below $80,000. His call came with the crypto market still trading through the weekend while equity markets sat closed. In a post on X, Schiff wrote that Bitcoin had finally started to break down, that it was hard to believe it had held up for so long, and that with $80,000 gone the next stop was likely $75,000. If that level failed to hold during the session, he added, it would be a very long weekend for holders, especially for ETF investors who cannot sell until Monday. Saturday's selling pushed BTC to roughly $79,146 on October 24, its weakest print in more than a month, although the market stayed above the $75,000 line Schiff named. The asset traded between about $79,400 and $79,700 early in the Saturday session, climbed back toward $80,000, and stood near $80,614 at the time of writing, a 24-hour loss of roughly 2.3% to 2.5%. The recovery left the market sitting a few thousand dollars above the level Schiff says comes next. The warning built on a post from October 22, in which Schiff questioned how long the asset could keep resisting weakness in technology stocks. He pointed to pressure on artificial-intelligence-linked equities, urged holders to sell, and described Bitcoin's relative resilience as a possible precursor to another leg down. The comparison stretched to precious metals: after gold slipped below $4,000 on October 23, Schiff wrote that stocks and gold were both weak, and that this was precisely why Bitcoin's strength had been surprising for so long. A committed gold advocate who has argued against the proof-of-work asset for more than a decade, Schiff has consistently framed Bitcoin (BTC) as a risk asset rather than a haven, and the weekend warning follows that line.

@PeterSchiff · X post

Questioned how long.

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ETF Redemptions Hit $635 Million

Demand had already thinned before the weekend. On Thursday, October 22, United States spot Bitcoin ETF redemptions totaled $635.49 million in a single day, and the two largest vehicles carried most of it. BlackRock's IBIT saw $254.05 million leave, while Fidelity's FBTC recorded $217.46 million. The outflow day broke a run of three consecutive sessions in which the category had pulled in more than $1 billion. Preliminary figures for Friday, October 23, recorded another $137.9 million leaving the group, with one fund still to report. One unreported fund means the true Friday figure could still move, so we treat that number as preliminary. The structure of these products explains the timing risk at the center of Schiff's warning. A spot Bitcoin (BTC) ETF holds the cryptocurrency on investors' behalf and issues shares that track its performance, giving buyers exposure through a standard brokerage account without requiring them to manage keys or custody themselves. Those shares change hands only while United States equity markets are open. Bitcoin itself never closes: it trades continuously through the weekend, so the value of what the funds hold can move sharply while the wrappers sit shut. That gap is what Schiff called out. An ETF holder who wants to sell after a Saturday slide cannot act until Monday's open, and by then the price may have moved again. Investors who intend to HODL through the closure face no such constraint, but anyone positioned around a stop or a redemption deadline does. The week's flow record cuts both ways. Three straight days above $1 billion show institutional demand was still arriving earlier in the week, while Thursday's $635.49 million exit and Friday's preliminary $137.9 million show it reversing. Where Monday's print lands decides which side of that swing the market is on when Schiff's $75,000 line comes into play.

Where Schiff and Pillows Diverge

The number this story orbits is $75,000. Our earlier Bitcoin coverage on analyst Ted Pillows put a probable bottom at $74,000-$75,000 before a reversal higher, the same zone Schiff now targets with the opposite conclusion. The two views are not actually opposed about where the decision sits; they part on what a break of it would mean, Schiff reading a slide through $75,000 as confirmation of a longer decline and Pillows treating the area as a floor. What settles the argument is observable: whether spot ETF demand returns when United States markets reopen on Monday. Another run of $1 billion days would undercut Schiff's case, while continued redemptions would push the price toward his line. Our Bitcoin technical analysis keeps those same levels in view through the week.