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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ronaldo Marquez
Ronaldo Marquez
Last Updated: October 16, 2025 7:25 pm
2 mins read
Bitcoin price

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The Bitcoin price continues to face challenges as the cryptocurrency has resumed its downtrend, struggling to maintain momentum above the $115,000 mark. This price point has proven to be a significant resistance level in the short term. 

Amid these fluctuations, Bitcoin skeptic Peter Schiff took to social media platform X (formerly Twitter) to declare, “Gold is eating Bitcoin’s lunch.” 

Schiff Calls For HODLers To Sell ‘Fool’s Gold

In his post, Schiff highlighted that Bitcoin has experienced a 32% decline when priced in gold since its peak in August, predicting a “brutal” bear market ahead. Schiff urged HODLers to reconsider their investments, suggesting they sell their “fool’s gold” and invest in the tangible asset of gold instead, or risk financial ruin.

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In response to Schiff’s assertions, Changpeng Zhao, the former CEO of Binance, offered a sarcastic retort. He noted, “ We should have listened to him, two months ago, out of the 16 years in bitcoin’s existence. About 1% of the time.”

Zhao reminded followers that Bitcoin has surged from a mere $0.004 to approximately $110,000 USD over the years, underscoring the cryptocurrency’s long-term potential despite current challenges.

Expert Predicts Positive October For Bitcoin 

Schiff has continued to voice his skepticism about Bitcoin’s viability as a substitute for the US dollar or as “digital gold.” He argues that many HODLers are in denial about the realities of the market, a mindset he believes will lead to significant losses.

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Contrasting Schiff’s bearish outlook, experts like Timothy Peterson have offered a more optimistic perspective. Peterson’s updated AI forecast for Bitcoin, suggests there is still a 75% probability that October could be a positive month for Bitcoin, with the potential for prices to close above $114,000.

As of this writing, the market’s leading cryptocurrency is trading at approximately $108,280, having dipped toward $107,500 earlier on Thursday. It currently stands 13% below all-time high levels. 

Bitcoin
The daily chart shows BTC’s price trending downwards. Source: BTCUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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