Gold advocate Peter Schiff has doubled down on his bearish stance, arguing that Bitcoin BTC/USD and Ethereum ETH/USD are not in "correction" or "consolidation," but in full-fledged bear markets.
What Happened: In an X post, Schiff criticized CNBC for downplaying the declines, noting that Bitcoin's 21.6% and Ethereum's 38.3% drops from their highs clearly meet the definition of a bear market.
He accused the network of avoiding the term to appease crypto advertisers.
Tech entrepreneur Adam Barlam pushed back, pointing out that 25–30% pullbacks are normal in Bitcoin bull markets, suggesting such corrections don't invalidate the broader uptrend.
Schiff also warned that Trump's crypto allies could eventually push for a "Strategic Bitcoin Reserve" to support a potential bailout, something he believes would undermine the very idea of Bitcoin's financial independence.
He compared current market exuberance to the dot-com bubble, predicting that crypto and even AI sectors could face massive drawdowns when risk appetite fades.
Also Read: Bitcoin Below $102,000 As ‘Extreme Fear’ Sentiment Takes Down Ethereum, XRP, Dogecoin
Why It Matters: According to Glassnode, Bitcoin's price held relatively steady this week but failed to reclaim short-term holders' cost basis, signaling weak momentum.
- RSI improved to 55.7, showing moderate strength.
- Spot volumes fell 11%, with ETF outflows of $617 million, hinting at profit-taking and cooling institutional demand.
- Short-term holders' supply rose, reflecting cautious accumulation rather than strong conviction.
Overall, analysts describe Bitcoin's structure as stable but fragile, a slow consolidation phase that could turn into a mild bear trend unless new liquidity inflows return.
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