Economist Peter Schiff tweeted on March 16, 2025, predicting Bitcoin could fall to $65,000 if the NASDAQ index drops by 20%.
The prediction influences market sentiment, drawing attention due to Schiffโs notable skepticism towards cryptocurrencies and reflecting similar past market correlations.
NASDAQโs 12% Decline Mirrors 14.5% Bitcoin Drop
Peter Schiff suggested a potential Bitcoin price drop amid a projected NASDAQ contraction. The NASDAQ recently declined by 12%, while Bitcoin price correspondingly decreased by 14.5%, underlining Schiffโs historical correlation theory.
The NASDAQ is down 12%. If this correction turns out to be a bear market, and the correlation where a 12% decline in the NASDAQ equates to a 24% decline in Bitcoin holds, when the NASDAQ is down 20%, Bitcoin will be about $65K.
Schiff, a known cryptocurrency skeptic, highlighted historical patterns in NASDAQ bear markets, speculating these could lead to another Bitcoin downturn. His comments come as Bitcoin is testing resistance levels around $83,484.
Bitcoin Trades Around $83,484 Amid Market Volatility
The latest price data indicates that Bitcoin is currently trading at $83,484, experiencing a fluctuation between $80,000 and $88,000. Analysts suggest this trend aligns with previous market movements, reinforcing historical price patterns.
Expert insights from the sector suggest potential financial implications if NASDAQโs decline persists. These insights draw on historical trends and underscore the speculative nature of Schiffโs correlation between NASDAQ and Bitcoin.
Schiff Links Dot-Com Drop to Bitcoin Predictions
Comparisons to past market events, like the dot-com crash, show potential parallels in NASDAQ declines and cryptocurrency volatility. Schiffโs analysis references these historical downturns as precedents for his Bitcoin forecast.
Experts use Schiffโs past predictions as a reference for potential outcomes. Historical data combined with current market analysis provide context for understanding Schiffโs Bitcoin and NASDAQ correlation model.