Bitcoin Braces for Deeper Plunge as Peter Schiff Predicts Gold and Silver Surge

Crypto markets tremble as gold bug Peter Schiff forecasts precious metals breakout while predicting further Bitcoin declines.

Schiff's Bold Prediction

The notorious cryptocurrency skeptic doubles down on his bearish Bitcoin stance, claiming digital assets face continued downward pressure while traditional safe havens prepare for liftoff. His latest warning comes amid volatile trading sessions that have traders questioning crypto's near-term prospects.

Precious Metals Momentum

Gold and silver positions gain traction as investors seek stability outside the digital asset ecosystem. Schiff argues traditional stores of value offer proven track records compared to what he calls 'speculative digital experiments.' The timing raises eyebrows among crypto veterans who've heard similar predictions during previous market corrections.

Market Psychology Shift

Fear indicators flash as institutional money appears to hesitate on crypto allocations. Meanwhile, gold ETFs see unusual volume spikes—suggesting some portfolio managers might actually be listening to Schiff's dire warnings for once.

Of course, Wall Street's sudden interest in 'safe assets' typically emerges right before they short the hell out of them.

The month of September has once again lived up to its reputation as a tough period for Bitcoin. The leading cryptocurrency slipped below $112,500, pressured by fading Fed rate possibility and weaker U.S. jobs data.

While Bitcoin is already struggling from the drop, well-known Bitcoin critic Peter Schiff says gold and silver to take off, while Bitcoin to Crash today. 

Gold & Silver To Surge, Bitcoin To Crash

According to Schiff, silver led the MOVE overnight with a jump of $0.19, pushing prices to around $43.20. Gold also ticked higher, gaining $7 as it continued to test its recent record levels. Today, gold reached a new all-time high of $3,725, up nearly 40% this 1979, showing how strong demand remains. 

Schiff believes this steady strength could set the stage for another breakout once U.S. markets open today.

So far it’s pretty quiet tonight. Silver is making the biggest move, up 19 cents to $43.20. Gold is up five bucks and Bitcoin is down over 1%. But there is still plenty of time before U.S. markets open for trading tomorrow for gold and silver to take off and Bitcoin to crash.

While Gold and silver jumped, the Bitcoin price slipped by over 3%, trading just above $112,000. Schiff didn’t hold back in his view that Bitcoin’s weakness could deepen into a steeper decline. 

In his words, there’s still “plenty of time” for gold and silver to rally further while bitcoin “crashes.”

Stockmoney Lizards’ Take on the Market

Backing the Peter Schiff prediction, crypto analyst Stockmoney Lizards shared a chart outlining how Bitcoin’s price may unfold in the coming weeks. 

According to the analysis, Bitcoin has now flipped its former support into resistance, forming a bearish rising wedge pattern. This technical setup often signals more downside before a recovery can begin.

The analyst’s chart shows $112K as the immediate safety net, while $110K is the key lifeline, dropping below it could trigger a bigger drop.

How Low Could Bitcoin Go?

If selling pressure intensifies, Stockmoney Lizards sees Bitcoin possibly falling toward $107,335. This WOULD align with the breakdown risk shown on the chart. On the flip side, if stability returns and buyers step in, Bitcoin could challenge resistance near $115K in the short term.

For now, all eyes are on the $110K zone, which could decide whether Bitcoin stabilizes.