The post Bitcoin Bear Market Confirmed? Peter Schiff Highlights 20% Gold-Based Loss appeared first on Coinpedia Fintech News
Bitcoin has seen massive crashes lately, dropping below $112,000 levels. It has slipped over 9% from its all-time high of $124K just a month ago, raising concerns over its next move.
In contrast, gold has been rising to new all-time highs. Although Bitcoin is often compared to “digital gold,” critics are now questioning its role against the proven stability and strength of the gold.
Is Bitcoin In A Bear Market?
Known Bitcoin critic Peter Schiff took to X to argue that Bitcoin is not living up to its hype.
He notes that when priced in gold, BTC is down 20% from its August peak. That is a steeper decline than the 10% drop in dollar terms.
Since Bitcoin is marketed as digital gold, Schiff argues this comparison matters even more. If Bitcoin is losing ground to gold itself, he says, then the case for it as a safe-haven asset is weaker, and the market is already showing bearish conditions. The argument speaks for itself as BTC is down 4% over the past week.
Signs of Weakness in the Rally?
Cryptoquant analyst Darkfost notes that recent small pullbacks are starting to dent investor sentiment. Historically, markets often hit a low sentiment before reversing, offering opportunities for patient traders who go against the crowd. He notes that this shift is worth watching closely.
Social media sentiment also gives another hint about where Bitcoin might go next.
Santiment shows a wide split between predictions. Bearish calls are placing Bitcoin between $70K-$100K, while bullish forecasts are aiming much higher at $130K-$160K. Interestingly, Santiment notes that extreme bullish predictions come before short-term corrections, clearly suggesting that some turbulence could lie ahead for BTC.
How Low Could Bitcoin Go?
The debate now turns to how low Bitcoin might actually go if bearish momentum builds.
Expert Benjamin Cowen suggests Bitcoin could potentially drop 70% from its next all-time high. Previous cycles saw declines of 94%, 87%, and around 77%. While such a steep correction can never be guaranteed, historical patterns indicate that it remains a possibility worth considering.
Reasons to Stay Optimistic for Q4
Despite the bearish sentiment, BTC is up 4.15% over the last month, with just a week left. Historically when September ends in the green, the following months often continue the trend and Q4 may be gearing up for a strong run.
Michael Saylor recently explained that despite Bitcoin’s recent downward price action, the real driver now is corporate and institutional adoption.
This is putting upward pressure on Bitcoin’s price. As resistance and macro headwinds ease, he expects BTC to climb sharply again toward the end of the year.