The month of September has once again lived up to its reputation as a tough period for Bitcoin. The leading cryptocurrency slipped below $112,500, pressured by the fading possibility of a Fed rate cut ahead and weaker U.S. jobs data.
While Bitcoin is already struggling from the drop, well-known Bitcoin critic Peter Schiff says Bitcoin to crash more today, while gold and silver to soar.
Gold & Silver To Surge, Bitcoin To Crash
According to Schiff, silver led the move overnight with a jump of $0.19, pushing prices to around $43.20. Gold also ticked higher, gaining $7 as it continued to test its recent record levels. Today, gold reached a new all-time high of $3,725, up nearly 40% this 1979, showing how strong demand remains.
Schiff believes this steady strength could set the stage for another breakout once U.S. markets open today.
While Gold and silver jumped, the Bitcoin price slipped by over 3%, trading just above $112,000. Schiff didn’t hold back in his view that Bitcoin’s weakness could deepen into a steeper decline.
In his words, there’s still “plenty of time” for gold and silver to rally further while Bitcoin “crashes.”
Stockmoney Lizards’ Take on the Market
Backing the Peter Schiff prediction, Crypto analyst Stockmoney Lizards shared a chart outlining how Bitcoin’s price may unfold in the coming weeks.
According to the analysis, Bitcoin has now flipped its former support into resistance, forming a bearish rising wedge pattern. This technical setup often signals more downside before a recovery can begin.
The analyst’s chart shows $112K as the immediate safety net, while $110K is the key lifeline, dropping below it could trigger a bigger drop.
How Low Could Bitcoin Go?
If selling pressure intensifies, Stockmoney Lizards sees Bitcoin possibly falling toward $107,335. This would align with the breakdown risk shown on the chart. On the flip side, if stability returns and buyers step in, Bitcoin could challenge resistance near $115K in the short term.
For now, all eyes are on the $110K zone, which could decide whether Bitcoin stabilizes.
