Schiff to Bitcoin Holders: Abandon Sinking Ship
Analysis
Price Impact
HighPeter schiff, a prominent crypto critic, is urging bitcoin holders to abandon ship amid a brutal price correction, citing a 60% drop against gold and a 45% drop from its ath. the article highlights btc's collapse to $69,163 and the potential 'existential crisis' for microstrategy if prices fall below $60,000, which could trigger a credit market freeze for crypto giants.
Trustworthiness
MedWhile schiff's analysis of the current price drop is factual, he is a perennial bitcoin permabear and gold advocate, making his 'abandon ship' advice highly biased. the market sentiment he describes is currently prevalent, but his long-term predictions have often been inaccurate. michael burry's warning adds some weight, though.
Price Direction
BearishThe article explicitly states bitcoin is in a 'brutal price correction' and 'full-blown capitulation mode,' having collapsed to $69,163. it highlights significant drops from its all-time high and against gold, with warnings of further downside impacting major institutional holders.
Time Effect
ShortThe analysis focuses on immediate price corrections and the potential for short-term cascading effects, such as a credit market freeze or an 'existential crisis' for microstrategy, if bitcoin fails to hold critical support levels like $60,000.
Original Article:
Article Content:
Cover image via U.Today Read U.TODAY on Google News Echelon Wealth Partners co-founder Peter Schiff has urged Bitcoin holders to abandon the sinking ship amid a brutal price correction. Advertisement The perennial crypto critic has noted that the flagship cryptocurrency is now down by 60% agaisnt gold. Earlier today, BTC collapsed to an intraday low of $69,163, which is the lowest level since November 2024. HOT Stories Morning Crypto Report: XRP Officially Decouples From Bitcoin Amid $850 Million Bloodbath, Ripple's Main Japanese Ally to Launch Own Blockchain, Shiba Inu (SHIB) Eyes 26% Discount Thanks to Bear Market Mark Dow: I Want Bitcoin to Go to Zero The cryptocurrency is now dangerously close to falling below the peak of the 2021 market cycle ($61,000 on the Bitstamp exchange), now that it is in full-blown capitulation mode. Advertisement You Might Also Like Mon, 02/02/2026 - 07:33 Brandt Issues Warning for Strategy Investors By Alex Dovbnya Bitcoin is currently down 45% from the all-time high of $126,199 that was achieved last October. Schiff's warning for Saylor Schiff also took aim at Strategy CEO Michael Saylor , the executive chairman of Strategy (MSTR). Advertisement His aggressive buying strategy is facing its sternest test yet, with the price of the leading cryptocurrency by market capitalization collapsing well below its average purchase price. According to data provided by Lookonchain, the business intelligence firm is now facing an unrealized loss of over $4.6 billion. Earlier this week, Michael Burry, the "Big Short" investor, warned that a drop below $70,000 would be the catalyst that freezes the credit markets for crypto giants. Now that the price is hovering in the high $60,000, Burry’s theory might be tested. Bitcoin dropping below $60,000 would be a full-blown "existential crisis" for the company. Schiff has warned that Strategy's losses are just beginning to pile up. #Bitcoin Price Prediction #Peter Schiff #Strategy News #Michael Saylor