Peter Schiff forecasts a dire $75,000 breakdown for Bitcoin's value

Peter Schiff, a well-known Bitcoin critic, has warned of a potential decline in the price of Bitcoin, predicting a crash to $75,000. This prediction comes after Bitcoin dipped below $109,000 on the market.

Schiff's warning comes despite the ongoing hype about aggressive institutional purchases of Bitcoin. One such institutional investor is Strategy, a business intelligence firm, which has added 3,081 Bitcoin to its portfolio this week, bringing its total holdings to 632,450 Bitcoin.

However, Schiff asserts that these purchases have not been able to support the price of Bitcoin, implying a potential dip to about $75,000. He suggests that investors sell their Bitcoin holdings now and buy it back at a lower price.

Schiff named institutional seller "Grayscale," a major institutional Bitcoin investment vehicle, when warning of a possible Bitcoin price crash. His prediction does not take into account any potential record highs for Bitcoin in the future, as suggested by Caroline Amosun.

As of press time, the Bitcoin price is $110,313.15, representing a 1.04% decline in the last 24 hours. The trading volume of Bitcoin remains up by 11.65% at $86.46 billion.

It is important to note that this price change and trading volume are provided for informational purposes only and should not be used for trading decisions. U.Today, a news platform that provides financial and market information, reminds its readers that it is not liable for any financial losses incurred while trading cryptocurrencies.

Schiff believes that Bitcoin has lost momentum and will be prone to more volatility and weak performance. This prediction comes after Bitcoin dipped to $109,000, representing a 13% decline from the highs Bitcoin reached less than two weeks ago.

Despite the potential plunge, Strategy's potential losses could be significant as Bitcoin dips might be lower than the firm's average purchase price. It is a reminder for all investors to carefully consider their investment strategies and make informed decisions.