Bitcoin Slips Below $80K As Peter Schiff Warns Of ‘Very Long Weekend’ For BTC Investors — Mike McGlone Says ‘Don’t Fight The Fed’

Bitcoin's (BTC) price edged lower on Sunday as long-term gold advocate Peter Schiff warned that the apex cryptocurrency was "finally breaking down," with "the next stop" likely at $75,000.After Bitcoin dipped below $80,000, Schiff said, "It's hard to believe it's held up this long.”He explained that if the $75,000 level failed to hold, "it's going to be a very long weekend for Bitcoiners, especially for ETF investors who can't sell until Monday."Spot Bitcoin exchange-traded funds (ETFs) trade only when US stock markets are open, while Bitcoin trades around the clock.https://x.com/peterschiff/status/2114034479949848775?s=46The weekend dip followed two straight days of selling in those funds. U.S. spot Bitcoin ETFs saw a total of $773.5 million in net outflows on Thursday and Friday, according to Farside Investors data. traded around $80,166, down 0.3% over 24 hours, after briefly falling to the $79,000 range. On Stocktwits, the retail sentiment around BTC remained in the ‘bearish’ zone, while chatter around it shifted to ‘normal’ from ‘low’ over the past day.Additionally, the Crypto Fear & Greed Index, which tracks market mood, sat at 40, in "Fear" territory.McGlone Warns On FedBloomberg Intelligence senior commodity strategist Mike McGlone also struck a cautious tone. He said "Don't fight the Fed" may be "the look-back lesson of 4Q," especially for what he called "high-beta, volatile, correlated stock puppets like Bitcoin (cryptos), and gold, copper (metals)." https://x.com/mikemcglone11/status/2114004526319452369?s=46McGlone said the iShares Bitcoin Trust (IBIT) "trades about 3x the volatility" of the iShares 20+ Year Treasury Bond ETF (TLT). He added that the ratio between the two "appears to be rolling over" from a base set at the end of 2024.According to him, a recent flush of "leveraged longs in US Treasury bonds and shorts in Bitcoin" might be "the foundation for a potential move of a lifetime that is simple mean reversion."It is important to note that McGlone has called for before. In July, he said the cryptocurrency was in a "severe, serious bear market" that was "just getting started."