$BTC on fire Market Overview and Recent Price Trends

Economist and Bitcoin critic Peter Schiff says the top cryptocurrency’s 13% drop below $109,000, after hitting a high of $124,517, is a sign of weakness that should be cause for concern. Schiff, who once vowed that Bitcoin (BTC) would never reach $100,000, now says it will fall to $75,000, below the average cost of the strategy (MSTR).

In an X post on August 26, Schiff advised BTC holders to sell the cryptocurrency now and repurchase it later at a lower price. The critic’s comments came just minutes after BTC fell to $108,717, a new low since July 9.

Cryptocurrency price action has been mostly in a downward trend since the release of major Producer Price Index (PPI) data.