Bitcoin Price Could Drop to $20K if Nasdaq Crashes, Warns Peter Schiff

Highlights:

• Schiff warns Bitcoin could drop to $20K if NASDAQ continues its downward trend.
• Past bear markets saw NASDAQ plunges, raising concerns of deeper Bitcoin losses. 
• Bloomberg’s McGlone predicts Bitcoin will fall to $10K as risk markets weaken further.

Economist Peter Schiff warns that Bitcoin (BTC) may suffer heavy losses if the market decline persists. He believes Bitcoin’s link to the NASDAQ makes it highly vulnerable, expecting deeper drops if the index falls further.

The U.S. stock market has faced a sharp correction, causing the NASDAQ to drop 12%. Bitcoin’s price historically follows the NASDAQ. According to Schiff, a 12% NASDAQ decline usually leads to a 24% Bitcoin drop, bringing it to $65,000. If the NASDAQ falls 20%, Bitcoin could decline further to $55,000.

The NASDAQ is down 12%. If this correction turns out to be a bear market, and the correlation where a 12% decline in the NASDAQ equates to a 24% decline in Bitcoin holds, when the NASDAQ is down 20%, Bitcoin will be about $65K.

But if the NASDAQ goes into a bear market, history…

— Peter Schiff (@PeterSchiff) March 16, 2025

However, Schiff noted that the NASDAQ has faced even steeper declines during past bear markets. He cited three major bear markets as examples of extreme downturns. The NASDAQ crashed nearly 80% during the Dot-com bubble, erasing billions in value. In the 2008 financial crisis, it plunged 55% amid global economic turmoil. During the 2020 COVID crash, it dropped 30% as investor panic spread.

Historically, bear markets have led to a 55% drop. Even with a 40% Nasdaq decline, Schiff predicts a sharper Bitcoin drop, possibly to $20,000. He warns this could trigger an even deeper collapse.

Bloomberg Analyst Predicts Bitcoin Price Could Drop to $10K

Peter Schiff isn’t alone in predicting a Bitcoin crash. Last week, Bloomberg analyst Mike McGlone warned that Bitcoin could drop to $10,000. He says the market is already in a bearish trend. According to him, risk markets are overheating while gold is rising. Gold has gained 15% this year, while Bitcoin has dropped by a similar percentage.

Bitcoin Back to $10,000? Peak Leveraged Beta Risks, Rising Gold – #Gold is up about the same amount in 2025 to March 13 — about 15% — that #Bitcoin is down. But with Bitcoin at about $80,000, what stops those trajectories? About a 6% decline in the S&P 500 could suggest what… pic.twitter.com/aMgL0LANFt

— Mike McGlone (@mikemcglone11) March 14, 2025

The analyst noted that a 6% drop in the S&P 500 could push Bitcoin lower. He also pointed out that Bitcoin emerged during a market downturn. It was introduced in 2009 when stocks were down after the mortgage crisis. Since then, it has led major rallies among risk assets.

BTC Price Movement

Bitcoin price dropped 0.55% today, trading near $83K, with a 118.91% surge in daily volume to $25.68 billion. It hit a 24-hour high of $85,051.60 and a low of $82,017.90. Despite the dip, it remains up over 1% in the past week.

Meanwhile, Bitcoin miners have recently sold over 1,000 BTC, totaling more than $27 million. Historically, significant sell-offs by miners have often preceded periods of increased price volatility in the cryptocurrency market. This pattern has led some traders to fear a potential downturn if the selling pressure continues.

#Bitcoin $BTC miners cashed in over $27 million in profits! pic.twitter.com/TY3pSZIic7

— Ali (@ali_charts) March 17, 2025