24/7 Cryptocurrency News

“Lights Out” For Bitcoin? This Bear Sees BTC Crashing To $10K

Bitcoin (BTC) has fallen substantially since last week, and is currently trading on a knife edge, which could result in more losses.
Published by
“Lights Out” For Bitcoin? This Bear Sees BTC Crashing To $10K

The king of Cryptocurrency, Bitcoin (BTC) is facing a continuous downfall since the beginning of the year. BTC is trading at an average price of $32,897, at the press time. Bitcoin is down by over 22% in the last 30 days. Amid this crackdown, Peter Schiff, CEO of Euro Pacific Capital, has suggested that BTC can slide towards the 10K price mark.

Advertisement

Schiff sees extended losses if BTC falls below $30K

Schiff is known as a big time Bitcoin opposer. In a recent attack, he mentioned that the BTC’s price drop understates the weakness of the digital asset. He stated that if Bitcoin slumps under the 30K price mark then it can be a difficult time for it.

In a Twitter poll, Schiff asked his followers what will they do if BTC crashes below $10K. He asserted that Bitcoiner has to make a very important decision now. Meanwhile, he left out the “buy the dip” option.

If $30K fails it’s lights out!

-Schiff on Twitter

However, the poll didn’t work out according to his sentiments. Over 36k accounts voted in the poll till now. The 74% of the voting turnout supported that BTC will hold the fort and they will HODL BTC. On the other hand, nearly 26% of the voters said that they’ll sell their Bitcoin and maybe buy it later.

Advertisement

Over $145 million positions liquidated

Schiff suggested that the recent drop in Bitcoin’s price is a major indicator of the weakness of the other risk assets. The stock Market future was also down by 1%. According to Coinglass, over $422 million was liquidated from the Crypto market in the last 24 hours. It is important to note that more than $145 million was moved out from Bitcoin only.

The Cryptocurrency market is trading under an immense amount of pressure as it remains highly correlated with the current economic conditions. The global crypto market is down by 4.8% in the last 24 hours. The total capitalization stands at $1.5 trillion.

Advertisement

Share
Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana

Crypto experts have begun to make bullish projections for Pudgy Penguins’ native token, PENGU. This…

October 5, 2025
  • 24/7 Cryptocurrency News

ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks

ASTER has announced that the roadmap for its second airdrop phase is set to begin…

October 5, 2025
  • 24/7 Cryptocurrency News

El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset

El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…

October 5, 2025
  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025