As bitcoin slid below $80,000, well-known investor Peter Schiff (피터 시프) argued it could fall further to $75,000. U.Today reported on Oct. 25 that Schiff warned losses could widen if the $75,000 level also breaks.

Schiff, a leading bitcoin critic and gold advocate, wrote on social media platform X that bitcoin has finally started to collapse and that it was hard to believe it had held up for so long. He said the next level is likely to be $75,000 now that it has fallen below $80,000, adding that bitcoin investors would have a very long weekend if it fails to hold that price on the day.

Schiff also pointed out that investors in U.S.-listed spot bitcoin ETFs cannot respond over the weekend. That is because these ETFs cannot be bought or sold until regular trading resumes on Monday while U.S. stock markets are closed.

Bitcoin fell as far as $79,226 at one point on Saturday, Oct. 24. It was the lowest level in about a month, according to CoinGecko. The fall came just days after bitcoin briefly neared $85,000 on Wednesday, Oct. 21.

Liquidations across the broader crypto market also grew in the aftermath of the sharp drop. CoinGlass said more than $815 million worth of leveraged crypto positions were liquidated over 24 hours, with most of the losses concentrated among investors betting on gains. During a particularly volatile four-hour stretch, about $404 million in long positions vanished.

Bitcoin later climbed back above $80,000, but downward pressure remained. U.S.-listed spot bitcoin ETFs posted net outflows of $635.5 million on Oct. 23, and net outflows over the latest two trading days totaled $773 million. Schiff maintained that the decline could be the start of a deeper bitcoin correction.