TechFlow, August 26 — Economist Peter Schiff posted today noting that Bitcoin has fallen below $109,000, down 13% from its peak two weeks ago. He believes this weak performance warrants attention given current market enthusiasm and corporate buying activity. Schiff predicts Bitcoin could fall further to around $75,000, close to MicroStrategy's average cost basis, and advises holders to sell now and buy back at lower levels.
Trivia: In response to his previous prediction that Bitcoin would never surpass $100,000, renowned economist Peter Schiff candidly admitted: "Yes, I was wrong. Bitcoin did break past $100,000, and it might very well return to that level again."
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