Schiff Predicts a Weak December

Peter Schiff believes Bitcoin’s decline could continue into December. According to him, BTC ended November in the red, and there are no signs of a quick rebound. The cryptocurrency lost about 17% this month, making it the worst November in seven years. As a result, Bitcoin is now roughly 3% down year-to-date.

Schiff pointed out that even heavy buying from companies like Strategy wasn’t enough to sustain the earlier rally, which topped 20% after BTC hit its record high of around $126,000. At the same time, he highlighted that gold and silver have gained 60% and 95% this year, respectively — without flashy marketing or support from major corporations. In his view, this performance gap could persist into early next year.

Some analysts, however, disagree. Arthur Hayes argues that BTC should hold above $80,000 even if the downturn deepens.

Historical data from CoinGlass shows that when November ends in the red, December often follows the same pattern. This happened in 2018, 2019, 2021, and 2022. Still, December may bring factors that could support a recovery. Markets currently see an 85% chance that the Fed will cut interest rates by 25 basis points. Additionally, the Fed’s balance-sheet reduction program is set to end on December 1st, which could boost liquidity. According to Cathie Wood, the pressure on markets may ease significantly, creating conditions for a potential trend reversal.