Peter Schiff Predicts Bitcoin Price Will Drop to $75,000

Bitcoin (BTC) has dropped below $110,000, prompting economist Peter Schiff to predict a potential decline to $75,000. Currently, BTC is priced at $110,355.23, reflecting a 1.16% decrease over the last 24 hours. Schiff claims this drop indicates a bearish trend and anticipates further losses exceeding 31% from current levels.

BTC has lost 13% from its peak in the past two weeks.
Schiff encourages selling now and buying back at lower prices.
He compares the predicted dip to the average cost of MSTR stock.

In related news, some investors are reallocating from Bitcoin to Ethereum due to the recent price decline. An old wallet recently sold 22,769 BTC, valued at approximately $2.59 billion, to acquire 472,920 ETH worth about $2.22 billion. This wallet has also opened a $577 million long position in ETH.