After a sharp swing in U.S. equities, cryptocurrencies and commodities in early November, Peter Schiff, a prominent American economist and well-known gold bull, has turned his attention back to Bitcoin. He believes investors may be facing a brief window in which Bitcoin could offer one last relatively favorable selling opportunity before a larger decline.
Schiff contrasted the sharp Monday rebound in U.S. stocks and precious metals with Bitcoin's continued struggle below the key $75,000 support level. In his view, this market structure is unusual. The recovery in equities and precious metals has not lifted Bitcoin in tandem, instead making the weakness of crypto assets more conspicuous. He warned investors on social media that if the market shifts further, the room for Bitcoin holders to adjust positions may not last long.
In another public comment, Schiff noted that despite intense market volatility following the U.S. midterm elections, equities have remained broadly stable, gold and silver have risen, while Bitcoin has pulled back sharply. This divergence leads him to believe that the trading rhythm in early November may be offering clues about subsequent asset moves.
Bitcoin has indeed remained under pressure recently. After a cumulative 37% rally from mid-August to late September, it briefly stabilized before weakening again. As of Tuesday, Bitcoin was trading at $74,302, down 13.21% from its recent high near $87,000. Year to date, Bitcoin has fallen 15%.
Gold's performance has also been far from easy. Since the start of 2026, gold prices have slipped from about $4,331 to $4,075, down 5.63%. Although gold has risen 5% since November, Schiff remains optimistic about its long-term trend, but the current price is still nearly 13% below its recent high near $4,680 in late August. This means that even as precious metals have recovered somewhat during the short-term rebound, the market remains in a choppy phase after pulling back from elevated levels.
Compared with Bitcoin and gold, the future direction of equities is harder to gauge. The S&P 500 has gained 10.08% since the start of 2026, a stark contrast to the weakness in Bitcoin and gold. Yet strength at the index level cannot mask the wide divergence among individual stocks. In recent periods, AI-linked large-cap technology stocks have been the main drivers of the market rally, while many other sectors have remained flat or even declined.
Debate over the AI narrative is also intensifying. As tensions become more visible between some companies' valuations, capital spending and earnings delivery, the market has begun to reassess the sustainability of this rally. If capital continues to concentrate in a handful of technology leaders, the index may remain strong; but if high-valuation assets correct, risk could spread to the broader market.
