Peter Schiff: If the Nasdaq enters a bear market, BTC may drop below $65,000

ChainCatcher news, economist and gold supporter Peter Schiff posted on X that if the Nasdaq index shifts from a correction to a bear market, the price of Bitcoin could face a severe decline.

Schiff stated that the current Nasdaq is down 12%, and if this correlation continues, when the Nasdaq drops by 20%, the price of Bitcoin will fall to around $65,000. If the Nasdaq experiences a 40% drop, Bitcoin could drop to around $20,000 or even lower. Peter Schiff pointed out that historically, bear markets usually bring about larger declines, referencing precedents such as the dot-com bubble, the 2008 financial crisis, and the 2020 COVID-19 crash.