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ZEC $1,234 Bitcoin · Explained
Bitcoin regains $80K after Schiff's $75K crash call
Bitcoin dipped to a five-week low near $79K, then recovered above $80K after Peter Schiff warned of a slide to $75K.
Key takeaways
- Rebound. Bitcoin fell near $79K, then reclaimed $80K and touched $81K, remaining about $5,500 above Schiff's target.
- ETF pressure. U.S. spot bitcoin ETFs saw $635.49 million in outflows on Oct. 22, followed by a provisional $137.9 million on Oct. 23.
- Track record. Schiff has made repeated bearish bitcoin calls, including a 2018 forecast of $750 and a 2024 warning that ETF demand would disappoint.
What happened
The episode drew attention partly because Schiff's warnings are sometimes read as contrarian signals. CryptoPotato cited analyst Willy Woo, who described Schiff as immensely valuable to the bitcoin community as a counter-signal. The move also illustrates a practical difference between holding bitcoin and holding a spot ETF: bitcoin trades through the weekend, while U.S.-listed fund shares generally cannot be bought or sold until the stock market opens. The rebound left the $80,000 level contested but intact at the time of reporting; it did not resolve the larger debate over bitcoin's direction.
First $84.4KLatest $80.5K-4.7% over the period
Points are daily observations, not closing prices.
What the data shows
Bitcoin's low on Oct. 24 was approximately $79,146, according to Bitcoin.com News, which also reported a 24-hour decline of about 2.3% to 2.5% and a later price of $80,614. CryptoPotato said the asset touched $81,000 before a modest pullback on Sunday morning and stayed above $80,000. Schiff's stated target was $75,000. ETF flow data cited by Bitcoin.com News showed $635.49 million leaving U.S. spot bitcoin ETFs on Oct. 22, including $254.05 million from BlackRock's IBIT and $217.46 million from Fidelity's FBTC. That came after three sessions that drew more than $1 billion. Provisional Farside figures showed another $137.9 million in outflows on Oct. 23, with one fund yet to report. Gold fell below $4,000 on Oct. 23, according to the report.
Background
Schiff has spent years arguing that bitcoin lacks intrinsic value and predicting declines. CryptoPotato listed several earlier calls: in the 2018 bear market he forecast a crash to $750 that did not occur; a year later he said bitcoin would never reach $50,000; in 2021 he said a brief move to $100,000 was possible but a permanent drop to zero was inevitable; and in 2022, with bitcoin below $20,000, he said it would not return to $50,000. In 2024 he warned that the launch of U.S. spot ETFs would bring no demand and a price crash. The report noted that ETF investors have since put more than $55 billion into the products and that BlackRock's bitcoin ETF surpassed gold products in its debut year. In July, with bitcoin below $65,000, Schiff said investors would regret not selling; bitcoin rose sharply within a month, CryptoPotato reported.
What to watch
Reports to follow include whether bitcoin holds above $80,000 and whether ETF outflows continue when U.S. markets reopen. The performance of technology shares, especially the AI-related stocks that Schiff cited, and the path of gold after its drop below $4,000 are also part of the backdrop he described. Schiff's $75,000 target remains unmet in the reports, and the next move in ETF flows could show whether the weekend weakness carried into institutional demand.
Questions readers ask
What did Peter Schiff predict for bitcoin?
On Oct. 24, Schiff said that after bitcoin fell below $80,000, its next stop was likely $75,000. He also warned that ETF investors could face a long weekend because they could not sell until Monday.
Did bitcoin fall to $75,000?
No. It fell to about $79,146, then recovered above $80,000 and briefly touched $81,000, according to CryptoPotato. At the time of the reports, it remained well above Schiff's target.
How much left bitcoin ETFs?
Bitcoin.com News cited $635.49 million in U.S. spot bitcoin ETF outflows on Oct. 22, plus a provisional $137.9 million on Oct. 23. BlackRock's IBIT and Fidelity's FBTC accounted for large portions of the Oct. 22 total.
