Bitcoin (BTC), the world’s largest cryptocurrency, emerged as the top performer of the past year. The king coin managed to go from trading at a low of $49,121.24 all the way to its all-time high of $109,114.88. Crossing the $100,000 mark was a prominent milestone for BTC investors. This caused the entire globe to view the market in a different way. But BTC was seen struggling following a recent correction. While the market is adjusting to the asset’s current downtrend, BTC could witness another crash.
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Peter Schiff Sees Bitcoin Crashing with Nasdaq’s Fall
The price of Bitcoin might be significantly impacted by a Nasdaq decline, according to economist Peter Schiff. The gold advocate has given a dire warning about the king coin’s future. Schiff took to X and said,
“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.“
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Citing previous crashes such as the Dot-com bubble, the 2008 financial crisis, and the 2020 COVID-19 disaster, Schiff warned that bear markets typically result in large falls. According to his prediction, Bitcoin may see an even more severe decline if the Nasdaq has a significant decline. Schiff cautioned that Bitcoin may sink considerably lower, but he predicted that a 40% decline in the Nasdaq could bring it to $20K. He said that gold had increased 13% since the Nasdaq’s top in December 2023 and that, in the event of a stock market meltdown and a decline in the value of the US dollar, it may reach $3,800.
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.
— Peter Schiff (@PeterSchiff) March 16, 2025
But if the NASDAQ goes into a bear market, history…
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A Look Into The Current Market
At the time of writing, Bitcoin was trading at $83,464.75. This comes after a monthly drop of 14.38%. Following the asset’s recent downfall, BTC trades 23% below its all-time high. A potential crash to $65,000 could bring in grave losses for BTC investors.
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