Peter Schiff predicts Bitcoin may fall to $70,000, while gold and silver strengthen, sparking market divergence

As the US dollar weakens, gold and silver prices continue to rise. Prominent gold bull and Bitcoin critic Peter Schiff has issued a strong bearish warning, stating that Bitcoin could be one of the first major assets to decline in the upcoming market correction. This view has garnered widespread attention in the crypto market amid increasing macroeconomic uncertainties.

Schiff believes that funds are flowing back into traditional safe-haven assets, and the sustained strength of gold and silver prices is weakening the narrative of Bitcoin as a “digital safe-haven asset.” He warns that investors who see Bitcoin as a hedge against dollar devaluation may face significant shocks when systemic risks materialize.

Recently, silver prices surged by over $1.6 in a single day, breaking the $66 mark and hitting a new all-time high; gold prices also rose above $4,300. Based on this, Schiff judges that confidence in the dollar and US Treasuries is wavering, often a precursor to deeper economic issues. He even predicts that Bitcoin could test the $70,000 region by the end of the year, while gold may continue to hit new highs.

In his view, the rise in precious metals reflects concerns over inflation, economic slowdown, and even rising unemployment rates. In such an environment, Bitcoin may not necessarily serve as a safe haven and could instead experience sharp corrections due to declining risk appetite.

Similar cautious voices are not isolated. Bloomberg strategist Mike McGlone pointed out that if market demand continues to weaken, Bitcoin prices still have room to decline further. Research firm 10x Research also warned that potential redemptions from crypto hedge funds could reach $10 billion to $20 billion, possibly exerting significant selling pressure on the market before the end of the year.

On the other hand, the rise in gold and silver is mainly driven by the weakening dollar and market expectations of future monetary easing. The US dollar index hovers near its lows in nearly two months, making dollar-denominated precious metals more attractive. The market is also paying close attention to upcoming US employment data to gauge the Federal Reserve’s policy path in 2026, with some opinions suggesting one or even two rate cuts could occur early next year.

Despite increasing bearish voices, Bitcoin bulls remain steadfast. MicroStrategy founder Michael Saylor reiterated that in the long term, Bitcoin’s market cap is expected to surpass gold within the next decade. This also highlights the ongoing fundamental disagreement in the market regarding Bitcoin’s positioning.