Peter Schiff Says Bitcoin Is in a ‘Long-Term Bear Market’ as BTC Crashes Below $69,000 — Ethereum, XRP Also Slide
Bitcoin tanked below $69,000 late Thursday, fueling a steep sell-off across the cryptocurrency market and over a billion in liquidations.Crypto Sell-Off AcceleratesThe apex cryptocurrency fell to its lowest price since Aug. 19, trading below its November 2021 peak.Peter Schiff, a prominent Bitcoin critic and gold advocate, declared that Bitcoin is in a “long-term bear market” with a downward trend.He jabbed BTC investors, saying, “How many of you who owned Bitcoin back then expected it to be below the Nov. 2021 high more than five years later?”Think about this, HOLDers. Bitcoin just traded at a lower price than it traded in November 2021. How many of you who owned Bitcoin back then expected it to be below the Nov. 2021 high more than five years later? Bitcoin is in a long-term bear market. The long-term trend is down.New Lows Incoming?Bitcoin’s slide rippled across the cryptocurrency market, sending Ethereum , XRP } and other leading coins lower.Nearly $1.40 billion has been liquidated from the market in the last 24 hours, with long liquidations alone accounting for $1.24 billion, according to CoinGlass.Cryptocurrency24-Hour Gains +/-Price (Recorded at 11:23 p.m. ET)Bitcoin-6.5%$68,991.08Ethereum -5.7%$1,936.83XRP -3.5%$1.01KillaXBT, a quantitative trader, highlights Bitcoin testing its 2021 all-time high around $69,000 as the final major support level on the long-term chart.“If we are unable to see a reaction around this area, then we are likely going to push to new lows on BTC,” they projected.Last level in sight for .Testing 2021 bull market highs.If we are unable to see a reaction around this area, then we are likely going to push to new lows on BTC. Preview Photo Courtesy: Peter Schiff