Bitcoin Falls to $68k as Peter Schiff Warns of Long-Term Bear Market, Says BTC’s Downtrend Is Far from Over

Bitcoin has seen another slump amid a broader market sell-off, temporarily sinking to $68,000 before rebounding to the $69k level. The asset currently trades at $68,870, down 9.2% over the past week, as massive crypto liquidations hit long positions amid renewed market volatility.

Bitcoin falls below $70,000

Dropping below the $73k support triggered a second leg down following recent waves of liquidations driven by recent U.S. midterm elections and the Binance hack, which altered market sentiment.

Statistics indicate that this is the first time BTC has plummeted below $70k since August. With the market embracing this downward trajectory, it’s apparent that short sellers have gained control of the bearish momentum. The asset is currently testing the $68k region, and a drop below that support could pave the way toward $65,000.  

According to data reported by CryptoQuant, the decline is largely driven by increased selling pressure amid rising anxiety over possible December interest-rate hikes, surging U.S. Treasury yields, U.S. Dollar appreciation, and weakness in AI-related stocks, pushing investor sentiment toward risk aversion.

The Bitcoin Bull Cycle Drawdowns indicator (shared by CryptoQuant) showed that the token is down about 19% from its ATH, surpassing the historical average drop-offs seen in previous bull markets. However, the data showed that as long as the wider bull market structure remains stable, historical drop-off patterns suggest the current price range could be a key area for a possible market bottom.

Peter Schiff says BTC’s downtrend is not over

Meanwhile, American stockbroker Peter Schiff has warned that BTC is in a long-term bear market and its downtrend is far from over. In his post, the renowned economist said the token is retreating below its 2021 ATH of $69k, describing the fall as a key indicator of weakness.

In a crypto podcast aired on Thursday, Schiff cautioned that BTC could crash below $10k, claiming the market could have already hit the ceiling despite the rising political and corporate backing. He said the asset has failed to gain traction despite favorable developments, including President Trump’s support and institutional adoption.

He is convinced that the asset’s failure to surge on positive developments indicates declining demand and could trigger further selling.