Schiff warns Bitcoin could revisit its 2022 low below $16,500

Schiff described Bitcoin’s decline as a collapse gathering momentum and said a move below $50,000 could lead quickly to its 2022 low. He did not assign a probability to the forecast or provide a valuation model. The warning about Strategy was conditional on Bitcoin returning to that lower price range.

Bitcoin was trading around $67,200 in the market data displayed during reporting. A fall to $50,000 from that level would amount to about 25.6%; a decline to $16,500 would be roughly 75.4%. Schiff has also urged investors to sell during the latest downturn. On Nov. 10, he pointed to Bitcoin’s weakness below $75,000 even as US stocks rose; the S&P 500 gained 2.35% and the Nasdaq Composite 2.74% on Nov. 9.

Strategy reported 850,364 BTC as of Nov. 8, acquired for $64.16 billion at an average cost of $75,456, including fees and expenses. Its latest purchase was 1,036 BTC for $81.9 million during Nov. 2–8, at an average of $79,012 per coin. At $50,000, the disclosed holdings would be worth about $42.52 billion; at $16,500, about $14.03 billion—roughly $50.13 billion below their reported purchase cost. Those estimates assume the holdings stay unchanged and exclude cash, other assets, debt and preferred securities.

Analysts have offered less bearish scenarios. Doctor Profit identified $68,000 as a potential buying area on Nov. 13, while acknowledging that an earlier long position near $80,000 had been wrong. Daan Crypto Trades said Bitcoin’s weekly candles needed to hold around its 200-week simple and exponential moving averages. Michaël van de Poppe said he bought during the Nov. 13 decline and saw a possible recovery toward $72,000–$74,000 in the following days.

Strategy also disclosed a $4.77 billion reserve for preferred-stock dividends and interest on outstanding debt, plus $146.2 million in general dollar cash, as of Nov. 8. It used $21.1 million from the reserve for preferred dividends during Nov. 2–8. The company financed its latest Bitcoin purchases through common-stock sales, reporting $283.8 million in net proceeds from 2,051,348 MSTR shares sold that week.