Bitcoin slid below $70,000 on Friday, falling as much as 5.4% to $67,628, its lowest level since August at the time of writing, before paring some of its losses, according to CoinMarketCap da
Bitcoin slid below $70,000 on Friday, falling as much as 5.4% to $67,628, its lowest level since August at the time of writing, before paring some of its losses, according to CoinMarketCap data.
The drop extended a two-day slump of as much as 9%, and roughly $1.5 billion in bullish crypto bets were liquidated over 24 hours.
The Bitcoin is headed for almost a sixth straight weekly decline and sits more than 21% under its late-September peak.
The slide also put Bitcoin under its November 2021 high of roughly $69,000, a level economist Peter Schiff was quick to highlight.
Schiff is warning Bitcoin holders that the pain may not be over.
In a post on X on Friday, the longtime Bitcoin critic noted that the cryptocurrency recently traded below its November 2021 price, more than five years after that peak.
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Schiff asked investors who bought near the 2021 top whether they ever imagined Bitcoin would sit below that level more than five years later.
“Bitcoin is in a long-term bear market. The long-term trend is down,” he wrote.
The comments come as Bitcoin struggles to find footing in 2026. According to Schiff, it is down 16.5% this year after falling 6.34% in 2025.
He has noted that Bitcoin has never posted declines in two straight calendar years, and warned investors not to dismiss the possibility.
“Think about this, HOLDers. Bitcoin just traded at a lower price than it traded in November 2021. How many of you who owned Bitcoin back then expected it to be below the Nov. 2021 high more than five years later?” he noted.
The latest post fits a pattern.
Schiff previously urged holders to sell Bitcoin as the cryptocurrency slipped below $75,000 support while stocks, gold and silver climbed, saying there was a “short window before the crash.”
He has also pointed to gold, up over 5% since the midterms by his count, while Bitcoin is down more than 4%.
Days ago, he called Bitcoin a bubble and told investors to sell “before the air comes gushing out,” arguing the midterm elections supplied the final pin.
Not every call has landed. In July, Schiff predicted more people would regret not selling above $60,000.
Bitcoin has traded well above that level since, and it remains far below its record high above $125,000 set last October.
Whether Bitcoin can reclaim $75,000 may decide how this latest warning ages.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research before making any investment decisions.
