It’s Not Looking Good for Bitcoin HODLers, Warns Peter Schiff as BTC Correction Continues

The popular bitcoin perma-bear Peter Schiff has carried out another verbal attack on X during the most recent price correction that drove the asset to a multi-day low of around $63,000.

Schiff, known for his support and admiration for gold, believes BTC’s price could plummet even more if it breaks below $60,000.

Not Looking Good?

Although the fourth halving took place less than a week ago, an event typically related to the start of another bull run, many crypto experts, including Arthur Hayes, warned that the largest crypto asset could retrace ahead, during, and shortly after the block reward reduction.

This has indeed been the case so far, as bitcoin dumped hard last week amid the geopolitical issues between Iran and Israel, recovered some ground after the halving but started losing value in the past 24 hours again.

The latest decline drove BTC south by approximately four grand, from almost $67,000 to around $63,000 as of now. Such corrections are usually used by bitcoin critics, such as Peter Schiff, to (perhaps) exaggerate the current market conditions and issue big warnings for HODLers.

In his latest attempt to spread FUD, Schiff said new investors who are not used to the volatile nature of bitcoin, could be “in for a rude awakening.” He also pointed out the $60,000 level as the most important psychological line BTC has to maintain to prevent further declines.

It’s not looking good #HODLers. You guys need to hope #Bitcoin can hold $60K. Otherwise it’s a long way down. All the hard core Bitcoiners are use to big drops. But the newbies who own the ETFs are in for a rude awakening. pic.twitter.com/Dw6mJXXi3r

— Peter Schiff (@PeterSchiff) April 24, 2024

What About Gold?

As mentioned above, Schiff is a well-known gold bug and recently also commented on the yellow metal’s correction. The safe-haven asset went from an all-time high of $2,425/oz to under $2,300 in the span of a few weeks.

However, it managed to bounce off and is currently trading above $2,320. Consequently, Schiff believes the worst for gold is over as he sees $2,300 as the new support level that won’t be broken soon. Moreover, he predicted that the precious metal would go above $2,400 shortly and forecasted another BTC correction.

The pullback in #gold is likely over. $2,300 looks like the new $2,000. There is resistance above $2,400, but I don’t expect it to last long. In contrast, the #Bitcoin pullback is likely just getting started. There is support at $60,000, but I don’t expect it to hold up.

— Peter Schiff (@PeterSchiff) April 24, 2024