Bitcoin Price Crash Could Extend Into December as Gold and Silver Rally, Says Peter Schiff

Bitcoin is heading for its worst November in seven years, and economist Peter Schiff believes the downturn is far from over. In a recent post on X, Schiff predicted that the Bitcoin price crash is likely to continue through December and could even stretch into next year. He argued that despite intense hype and heavy buying from firms like MicroStrategy and other corporate treasuries, BTC is still down year-to-date.

In contrast, Schiff highlighted the impressive performance of precious metals, noting that gold is up around 60% and silver nearly 95% YTD—without any corporate accumulation or widespread excitement. He expects this divergence between Bitcoin and metals to persist as the year comes to a close.

Bitcoin has wiped out its earlier YTD gains after falling sharply from above $100,000. The leading cryptocurrency briefly surged to a new all-time high near $126,000 in early October, posting more than 20% YTD gains at that time. Its current 17% decline this month marks its weakest November since 2017. Historically, November has been Bitcoin’s strongest month, with average gains of roughly 41%, according to CoinGlass.

While Schiff foresees more pain, not everyone shares his bearish stance. BitMEX co-founder Arthur Hayes recently suggested that Bitcoin’s bottom may already be in, predicting the price will likely hold above $80,000 even if volatility persists.

Historical patterns point to the possibility of a red December. CoinGlass data shows that Bitcoin usually ends December in the red whenever November closes red, as seen in 2018, 2019, 2021, and 2022. However, several bullish catalysts could shift momentum next month. Analysts are watching the December FOMC meeting closely, with current projections showing an 85% chance of a 25-basis-point interest rate cut. The Federal Reserve is also set to end quantitative tightening on December 1, a move that could inject fresh liquidity into financial markets.

Ark Invest CEO Cathie Wood recently noted that the liquidity squeeze may ease soon, potentially setting the stage for a Bitcoin market rebound heading into the new year.