Peter Schiff, the chief economist and lead strategist at Euro Pacific Capital, shared his outlook on the crypto market, stating that bitcoin is poised to crash to $20,000 and Ethereum to $1,000. Schiff believes that the need to sell crypto in order to pay the bills will only get worse as the recession deepens, and advises not to buy this dip as you will lose a lot more money.

Contrary to the bitcoin crash during Covid, when there was no need to sell given much lower consumer prices and received stimulus checks, now bitcoin holders will be forced to sell to pay the bills and cover the costs of high food and energy prices.