Bitcoin Slips Below $80K As Peter Schiff Warns Of 'Very Long Weekend' For BTC Investors - Mike Mcglone Says 'Don't Fight The Fed'
- Bitcoin edged lower on Sunday, with Schiff warning that it was "finally breaking down" and could slide toward $75,000. Bitcoin briefly fell below $80,000 before recovering, while trading near levels last seen in mid-September. McGlone said "Don't fight the Fed" may be "the look-back lesson of 4Q" for Bitcoin, gold and copper.
Bitcoin's (BTC) price edged lower on Sunday as long-term gold advocate Peter Schiff warned that the apex cryptocurrency was "finally breaking down," with "the next stop" likely at $75,000.
After Bitcoin dipped below $80,000, Schiff said, "It's hard to believe it's held up this long.”
He explained that if the $75,000 level failed to hold, "it's going to be a very long weekend for Bitcoiners, especially for ETF investors who can't sell until Monday."
Spot Bitcoin exchange-traded funds (ETFs) trade only when US stock markets are open, while Bitcoin trades around the clock.
The weekend dip followed two straight days of selling in those funds. U.S. spot Bitcoin ETFs saw a total of $773.5 million in net outflows on Thursday and Friday, according to Farside Investors data.
Bitcoin's price traded around $80,166, down 0.3% over 24 hours, after briefly falling to the $79,000 range. On Stocktwits, the retail sentiment around BTC remained in the 'bearish' zone, while chatter around it shifted to 'normal' from 'low' over the past day.
Additionally, the Crypto Fear & Greed Index, which tracks market mood, sat at 40, in "Fear" territory.
McGlone Warns On Fed
Bloomberg Intelligence senior commodity strategist Mike McGlone also struck a cautious tone. He said "Don't fight the Fed" may be "the look-back lesson of 4Q," especially for what he called "high-beta, volatile, correlated stock puppets like Bitcoin (cryptos), and gold, copper (metals)."
McGlone said the iShares Bitcoin Trust (IBIT) "trades about 3x the volatility" of the iShares 20+ Year Treasury Bond ETF (TLT). He added that the ratio between the two "appears to be rolling over" from a base set at the end of 2024.
According to him, a recent flush of "leveraged longs in US Treasury bonds and shorts in Bitcoin" might be "the foundation for a potential move of a lifetime that is simple mean reversion."
It is important to note that McGlone has called for Bitcoin's slide toward $10,000 before. In July, he said the cryptocurrency was in a "severe, serious bear market" that was "just getting started."
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