Bitcoin (BTC) Price Could Collapse to $20K If NASDAQ Enters Bear Market, Peter Schiff Predicts

비트 코인 가격이 상승에 84,000 달러의 저항을 통과하기 위해 고군분투함에 따라, 미국 주식 시장에서 심각한 수정으로 BTC에 대한 약세가 증가하고 있습니다.

As Bitcoin price struggles to pass the $84,000 resistance on the upside, bearish calls for BTC are rising amid severe correction in the US stock market. Popular economist Peter Schiff believes that if Nasdaq enters the bear market correcting 40% from the peak, BTC price can collapse all the way to $20K.

비트 코인 가격이 상승에 84,000 달러의 저항을 통과하기 위해 고군분투함에 따라, 미국 주식 시장에서 심각한 수정으로 BTC에 대한 약세가 증가하고 있습니다. 인기있는 이코노미스트 피터 쉬프 (Peter Schiff)는 나스닥이 곰 시장에 들어가면 최고에서 40%를 수정하면 BTC 가격이 $ 20k로 붕괴 될 수 있다고 생각합니다.

Nasdaq Decline and Bitcoin Price Correlation

Amid the brutal US stock market correction over the last few weeks, the NASDAQ index is down by 12%. Economist Peter Schiff believes that things could turn brutal for BTC if the correction slips further into a bear market.

The Bitcoin price shares a historical correlation with Nasdaq. A 12% NASDAQ decline often equates to a 24% drop in Bitcoin, placing it at approximately $65,000. If the NASDAQ continues to drop by 20%, Bitcoin could align at $55,000.

However, Schiff added that Nasdaq has historically seen even greater corrections while slipping into the bear market territory. The economist stated that during the Dot-com bubble, the NASDAQ fell nearly 80%, while it declined 55% during the 2008 financial crisis and 30% during the COVID crash in 2020.

However, Schiff added that Nasdaq has historically seen even greater corrections while slipping into the bear market territory. 이코노미스트는 닷컴 거품 동안 나스닥은 거의 80% 하락한 반면, 2008 년 금융 위기 동안 55%, 2020 년 코비드 충돌 기간 동안 30% 감소했다고 밝혔다.

Considering an average 55% decline, Schiff believes that even a 40% drop in Nasdaq index could push BTC price lower to $20,000. “A drop of this magnitude would likely accelerate Bitcoin’s collapse to much lower levels,” Schiff stated.

However, Peter Schiff is not alone in predicting a Bitcoin price crash to such lower levels. Last week, Bloomberg analyst Mike McGlone predicted a BTC crash to $10K, while Gold has been on a very strong upside rally.

For the near term, all eyes will be on the upcoming US Fed decision following the cooling US inflation data for the month of February. Traders are positioning themselves for the same with a strong surge in daily trading volumes.

Gold’s Negative Correlation With Nasdaq

In contrast to Bitcoin, gold has shown a negative correlation with the NASDAQ. Since the NASDAQ peaked on December 16, 2023, gold has risen 13%, demonstrating an inverse relationship.

Economist Peter Schiff stated that if the NASDAQ undergoes a 40% decline, gold could soar past $3,800. These gains could further extend if the bear market leads to a significant decline in the US Dollar, says Schiff.

At $3,800 gold and $20,000 Bitcoin, Schiff projected Bitcoin’s value in terms of gold would plunge over 85%, challenging Bitcoin’s narrative as a store of value.

Schiff는 3,800 달러와 20,000 달러의 비트 코인으로 금 측면에서 Bitcoin의 가치를 85%이상 급락하여 Bitcoin의 이야기에 가치의 상점으로 도전 할 것입니다.

Schiff Predicts US Might Give Up On Bitcoin Reserve Plans

The economist stated that the divergence in the value of Bitcoin price and Gold could challenge the cryptocurrency’s status as “digital gold”. Thus, Peter Schiff believes that this could further push away the governments or ETF investors to hold Bitcoin in reserves.

이코노미스트는 비트 코인 가격과 금의 가치가 발산되면 암호 화폐의 "디지털 금"으로서의 지위에 도전 할 수 있다고 밝혔다. Thus, Peter Schiff believes that this could further push away the governments or ETF investors to hold Bitcoin in reserves.

He added that massive selling pressure would make it “impossible” for companies like MicroStrategy to liquidate enough Bitcoin to avoid financial distress.

그는 대규모 판매 압력으로 인해 미세 스트레이트와 같은 회사가 재정적 고통을 피하기 위해 충분한 비트 코인을 청산하기 위해“불가능”할 것이라고 덧붙였다.

Over the past weekend, Bitcoin and the broader crypto markets haven’t shown much of a movement. As press time, Bitcoin is trading 0.66% down at $83,742 with its daily trading volume up by 79% to more than $23.21 billion.