Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

The Bitcoin price continues to face challenges as the cryptocurrency has resumed its downtrend, struggling to maintain momentum above the $115,000 ￰0￱ price point has proven to be a significant resistance level in the short ￰1￱ these fluctuations, Bitcoin skeptic Peter Schiff took to social media platform X (formerly Twitter) to declare, “Gold is eating Bitcoin’s lunch.” Schiff Calls For HODLers To Sell ‘Fool’s Gold In his post, Schiff highlighted that Bitcoin has experienced a 32% decline when priced in gold since its peak in August, predicting a “brutal” bear market ￰2￱ urged HODLers to reconsider their investments, suggesting they sell their “fool’s gold” and invest in the tangible asset of gold instead, or risk financial ￰3￱ Reading: Bitcoin Bull Run Coming To An End: Cycle Peak Countdown Signals 99.3% Completion In response to Schiff’s assertions, Changpeng Zhao, the former CEO of Binance, offered a sarcastic ￰4￱ noted, “ We should have listened to him, two months ago, out of the 16 years in bitcoin’s ￰5￱ 1% of the time.” Zhao reminded followers that Bitcoin has surged from a mere $0.004 to approximately $110,000 USD over the years, underscoring the cryptocurrency’s long-term potential despite current ￰6￱ Predicts Positive October For Bitcoin Schiff has continued to voice his skepticism about Bitcoin’s viability as a substitute for the US dollar or as “digital gold.” He argues that many HODLers are in denial about the realities of the market, a mindset he believes will lead to significant ￰7￱ Reading: Is Sony The Next Crypto Bank?

Tech Giant Applies For A National Charter In The US Contrasting Schiff’s bearish outlook, experts like Timothy Peterson have offered a more optimistic perspective. Peterson’s updated AI forecast for Bitcoin, suggests there is still a 75% probability that October could be a positive month for Bitcoin, with the potential for prices to close above $114,000. As of this writing, the market’s leading cryptocurrency is trading at approximately $108,280, having dipped toward $107,500 earlier on ￰8￱ currently stands 13% below all-time high ￰9￱ image from DALL-E, chart from ￰10￱