Schiff provides a catastrophic drop in 85% BTC

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A well -known American economist suggested a relationship between gold, Nasdaq and Bitcoin, saying that the drop in Nasdaq usually leads to a reduction Bitcoin.

Peter Schiff explained the correlation between Bitcoin and the NASDAQ market situation, adding that there is a negative relationship between gold and Nasdaq.

Connection NASDAQ-Bitcoin

Schiff, a well -known Bitcoin skeptic, told his followers on X that Bear the financial market may affect the price of the flagship crypto, saying that if Nasdaq He inflicts, follows Bitcoin.

The economist said that Nasdaq has now dropped by 12%and can affect Bitcoin. “If this correction turns out to be a bear, and a correlation in which a 12% decrease corresponds to a 24% decrease in bitcoins, when Nasdaq drops by 20%, Bitcoin will amount to approximately USD 65,000,” he added.

However, Schiff argued that when Nasdaq entered the bears, the inheritance would be much larger, citing what happened in the past.

He explained that after the bubble of the dot-com, Nasdaq fell by almost 80%, while during the global financial crisis in 2008 it fell by 55%, and recently during a pandemic accident in 2020 Nasdaq by about 30%.

“The average of these three bear markets will drop by 55%.

Yellow metal is still shining

Schiff may have Bitcoin bears, but he offered a more confident view of gold, saying that there is a negative relationship between Nasdaq and gold.

He said that since the achievement of Nasdaq on December 16, 2023, gold increased by 13%, which is almost an ideal correlation from 1 to 1.

Bitcoin now trads 82,433 USD. Chart: TradingView

“If this correlation also persists, a 40% drop in NASDAQ would cause gold to escalate gold.

Comparison of gold bitcoin

Schiff said that even if the gold had USD 3,800, and Bitcoin was $ 20,000, in terms of gold, the first -born crypto would decrease by 85%, adding that it is more likely that Bitcoin is a warehouse of gold similar to gold.

“There will be no justification for the US government or any state government in a strategic reserve.

At the time of writing, bitcoin is the subject of trade USD 82 433 with a market capital of over USD 1.6 trillion.

A distinguished picture from Pexels, chart from TradingView

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