Economist Peter Schiff predicts further Bitcoin declines, citing overvalued U.S. stocks and broader market corrections.
Bitcoin fell below $62,000 briefly, extending losses after peaking at over $120,000 last October. The decline follows sell-offs in AI-related tech stocks, ETF outflows, and liquidations in cryptocurrency markets, alongside Fed policy uncertainty.
The cryptocurrency has lost more than half its value since its record high, with Reuters noting its worst start to a year in a decade. By June, Bitcoin had already shed about one-third of its value amid shifting investor sentiment and geopolitical tensions.
Peter Schiff, a longtime Bitcoin critic, argued that the recent weakness may persist. He expects broader market corrections to pressure U.S. stocks, which he described as overpriced, and anticipates a steeper Bitcoin selloff.