Peter Schiff Warns Bitcoin (BTC) May Face Further Losses, Likens BTC HODLers to 'Whistling Past a Crypto Graveyard”

Amid the ongoing Bitcoin (BTC) and general cryptocurrency market sell-off, American economist Peter Schiff has warned that the maiden digital asset may face further losses.

Bitcoin (BTC) price has dropped below the March lows amid the ongoing sell-off in the cryptocurrency market, a development that American economist Peter Schiff has highlighted in his recent posts on social media.

According to Schiff, who is known for his skepticism toward Bitcoin, the recent performance of the asset suggests that it is headed for a “graveyard.”

In his post on August 5, Schiff commented on the attitudes of Bitcoin investors, accusing them of being in denial about the true state of the market. He argued that many Bitcoin holders are failing to recognize the severity of the situation, likening their optimism to “whistling past a crypto graveyard.”

Schiff also noted that Bitcoin recently fell below its March lows, now trading at approximately $51,000. This drop represents a notable 20% decline from the levels observed when Bitcoin ETFs closed last Friday. The American economist characterized this development as a “Crypto Black Monday.”

Furthermore, the Euro Pacific Asset Management founder doubled down on his criticism in another post, suggesting that the Bitcoin crash proves why the digital asset cannot serve as a reserve asset. In his view, BTC’s high volatility disqualifies it as a reliable reserve asset.

His remarks come amid heightened volatility in the cryptocurrency market, partly driven by growing concerns about a possible recession in the United States.

Bitcoin price analysis

Meanwhile, Bitcoin bulls are struggling to keep the price above $51,700. At the time of press, Bitcoin was valued at $50,986, reflecting daily losses of over 15%. On the weekly timeframe, BTC is down 25%.

As things stand, investor attention is on the battle between bulls and bears regarding their ability to influence Bitcoin’s price around the $50,000 mark.

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