Famous Investor Advises Selling Bitcoin Now Before It Crashes to $75,000
Renowned economist and cryptocurrency critic "Peter Schiff" has stated that Bitcoin's decline of 13% below $109,000, after peaking at $124,517, is a sign of weakness that should raise concerns.
Schiff, who previously swore that Bitcoin (BTC) would never reach $100,000, now expects it to drop to $75,000, which is below the average purchase cost of "MicroStrategy" (MSTR).
In a post on platform X dated August 26, Schiff advised Bitcoin holders to sell their assets now and buy them back later at lower prices. These remarks came just minutes after Bitcoin fell to $108,717, its lowest level since July 9, before it recouped some of its losses and rose to $111,000 now.
This decline followed the release of Producer Price Index (PPI) data, as the price movement headed downward. Although dovish remarks from U.S. Federal Reserve Chairman "Jerome Powell" at the Jackson Hole Forum sparked a brief upward wave, it did not last long, as Bitcoin peaked temporarily near $118,000 before it resumed its decline.$BTC