Bitcoin (BTC) Price Slumps 14% in a Day, Peter Schiff Predicts More Pain to Come

Bitcoin (BTC) has had a pretty rough recent timeline, with its price falling almost 13.9% in the last 24 hours. BTC is currently trading at $52,800, but it briefly dipped as low as $49,000 on the Binance spot market.

Bitcoin (BTC) price has seen a sharp decline of almost 13.9% over the past 24 hours, with the world's largest cryptocurrency currently trading at $52,800 after briefly dipping as low as $49,000 on the Binance spot market.

This significant drop comes after BTC reached a high of over $70,000 just a week ago. The recent price action has caught the attention of cryptocurrency skeptics, including Peter Schiff, who highlighted the fact that Bitcoin has broken the March lows.

Schiff stated that BTC is now down around 22% since Friday's U.S. stock market close and has fallen by 45% against gold since peaking in November 2021 almost three years ago. He added that Bitcoin is currently trading above $50,000 again, but people should wait for the stock market to open so that exchange-traded fund (ETF) holders can finally sell.

Schiff's comments suggest that he expects the recent sharp decline in Bitcoin's price to continue further. He has consistently favored gold over Bitcoin, arguing that the precious metal is a superior store of value.

However, it's important to note that other financial experts, such as Peter Brandt, have also expressed bearish sentiments, anticipating a 39% drop in the value of BTC to gold in the coming months.

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