According to Woofun AI, Peter Schiff, chief economist at Eurasia Asset Management, once again issued a Bitcoin bearish warning, pointing out that against the backdrop of a general rise in risky assets, the BTC price fell below the $75,000 key support level, which indicates the risk of further decline. Schiff stressed that investors should leave the market as soon as possible before the market crashes to avoid major losses.
On the 9th local time, the US stock market showed a strong rebound. The S&P 500 index rose 2.3%, while the Nasdaq Composite Index and the Dow Jones Industrial Average climbed 2.7% and 2.2%, respectively. Meanwhile, international gold prices have strongly broken the $4,100 per ounce mark.
However, the BTC price trend diverged markedly from other assets and fell below $74,000 in the intraday period. Data compiled by Woofun AI showed that BTC hit a low of $73,664 for the day, then recovered to close at $75,223, with a slight increase of 0.86% throughout the day. Schiff believes that this relative weakness when technology stocks, precious metal mining stocks, and physical precious metals rise at the same time is a reflection of Bitcoin's lack of internal upward momentum, and is also a precursor to a further decline. He has long questioned the value of Bitcoin, viewed gold as a more reliable means of storing value, and pointed out that recent changes in the US political environment have increased the pressure to adjust the digital currency market. As early as the 5th, Schiff warned that when the market focused on the bursting field of artificial intelligence, the Bitcoin bubble problem was overlooked; he asserted that artificial intelligence has real value and Bitcoin is worthless. The US midterm elections brought the final blow to the bubble, and investors should sell before the air is completely exhausted.
The trend divergence between Bitcoin and traditional safe-haven assets and risk assets highlights the rift in the market's consensus on its value. As fluctuations in the macro environment intensify, such divergences may accelerate the flow of capital to physical assets such as gold, and the pressure faced by Bitcoin to restructure its valuation may continue to increase.