Peter Schiff Says Bitcoin Uptrend Has Broken, Warns of Possible Drop Toward $25K

Peter Schiff has shared a long-term Bitcoin chart on X, saying the uptrend from the December 2022 low has been broken and that a head-and-shoulders pattern may be developing.

He went on to suggest that the price could eventually fall back to the broader uptrend that began in December 2018. Within that scenario, he identified a potential support area between $25,000 and $27,000, assuming the level holds.

However, he added that he does not expect this support to hold. At a Bitcoin price near $25,000, he warned that MicroStrategy could face about $43 billion in unrealized losses and could run into cash pressure by December 2026 if preferred dividends are not increased.

Source: Peter Schiff