Well-known Bitcoin critic and gold supporter Peter Schiff stated that the world's largest cryptocurrency has finally begun to weaken.

The proud remarks of Schiff appeared after the price of this flagship coin fell below the psychologically significant $80,000 mark.

Will $75,000 be the next milestone?

This economist believes that Bitcoin ( BTC ) may be moving downward towards $75,000 and warns that if this level is lost, it could trigger a more significant decline.

Schiff wrote in the latest X post: 'Bitcoin has finally started to plummet. It's hard to believe it has held on for so long.'

Now that it has fallen below $80,000, the next target is likely to be $75,000. If this level cannot be held today, it will be a very long weekend for Bitcoin holders, especially for those ETF investors who will not be able to sell before Monday.

Schiff emphasizes that Bitcoin exchange-traded funds (ETF) cannot close positions during weekends and when traditional stock markets are closed.

It is worth noting that shares of spot Bitcoin ETF listed in the United States will not be available for trading until regular trading resumes on Monday.

Bitcoin falls below $80,000

Bitcoin experienced another sharp decline on Saturday. On October 24th, this top cryptocurrency fell to around $79,226, according to CoinGecko data.

This cryptocurrency has fallen to its lowest level in over a month.

The latest round of declines occurred a few days ago; on Wednesday, October 21st, Bitcoin once approached $85,000.

This sudden price crash has led to a large-scale liquidation in the crypto market.

According to the data from CoinGlass, in the past 24 hours, crypto leveraged positions worth over $815 million were liquidated. Of course, the bullish traders bore the majority of the losses.

Within a particularly intense four-hour period, bullish positions worth approximately $404 million were completely liquidated.

Subsequently, Bitcoin managed to rebound above $80,000. However, the bulls are still not completely out of danger at present.

Bitcoin ETF faces renewed selling pressure

The latest sharp drop in Bitcoin prices also coincided with a clear deterioration in institutional demand.

US-listed spot Bitcoin ETF recorded approximately $635.5 million in net outflows on Thursday.

This results in a total withdrawal amount of approximately $773 million over two trading days.

At present, Schiff still believes that this latest breakout may mark the beginning of a deeper correction for Bitcoin.