As Bitcoin has fallen below $80,000 in recent weeks, expectations for further declines have also increased. At this point, gold advocate and Bitcoin hater Peter Schiff claimed that the Bitcoin price could fall to $20,000 if the Nasdaq enters a bear market. $20,000 on the Table in Bitcoin Again! As Bitcoin price struggles to clear the $84,000 resistance on the upside, bearish expectations for BTC are increasing. Amid the sharp correction that the U.S. stock market has experienced over the past few weeks, the Nasdaq is down 12%. Popular economist Peter Schiff said that things could get worse for BTC if this correction slides further into a bear market and he believes that the BTC price could fall to as low as $20,000 if the Nasdaq corrects 40% from its peak and enters a bear market. Noting that the Bitcoin price and the Nasdaq have a historical correlation, Schiff said that a 12% Nasdaq drop usually equates to a 24% drop in Bitcoin, which could take BTC down to around $65,000. Citing historical data on this point, Schiff noted that the Nasdaq fell by about 80% during the dot-com bubble, 55% during the 2008 financial crisis and 30% during the 2020 COVID crash. Considering that there could be an average drop of 55%, Schiff argued that even a 40% drop in the Nasdaq index could push the BTC price down to $20,000. “The Nasdaq is down 12%. If this correction turns out to be a bear market and the correlation holds that a 12% drop in the Nasdaq equals a 24% drop in Bitcoin, then when the Nasdaq is down 20%, Bitcoin will be around $65,000. But if the Nasdaq enters a bear market, history suggests the decline will be much larger. The Nasdaq fell nearly 80% after the dot-com bubble burst. It fell 55% during the 2008 Global Financial Crisis and fell nearly 30% during the COVID crash of 2020. The average of these three bear markets is a 55% drop. If this bear market bottoms out with just a 40% drop, that would take Bitcoin to around $20,000. But my guess is that a drop of that magnitude would send Bitcoin crashing much lower.” https://twitter.com/PeterSchiff/status/1901253662178939352 *This is not investment advice. Continue Reading: Could Bitcoin (BTC) Drop to $20,000 Again? Peter Schiff Said "Yes" and Explained Why!
