Peter Schiff: If NASDAQ enters a bear market, BTC may fall below $65,000

In a ChainCatcher message, economist and gold supporter Peter Schiff posted on X saying that if the Nasdaq index turns from adjustment to bear market, Bitcoin prices may face a severe drop.

Schiff stated that the current Nasdaq has fallen by 12%, and if this correlation continues, when the Nasdaq falls by 20%, Bitcoin's price will drop to about $65,000. If the Nasdaq experiences a 40% decline, Bitcoin could fall to around $20,000 or even lower. Peter Schiff pointed out that historically bear markets usually bring larger declines, citing precedents such as the internet bubble burst, the 2008 financial crisis and the collapse due to COVID-19 in 2020.