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Bitcoin (CRYPTO: BTC) critic Peter Schiff has acknowledged that his biggest miscalculation was underestimating the public's willingness to buy the cryptocurrency — yet he still insists it remains a "gigantic pump and dump" destined to go to zero.
In a recent interview clip shared on X, Schiff admitted that his main error was "underestimating the gullibility of the public to buy it and the marketing savvy of those who promote it."
He credited early Bitcoin adopters — or "OGs" — for building a narrative strong enough to create demand out of nothing, saying they "did a great job of selling the story and getting people to buy what they wanted to get rid of."
Schiff argued that those early holders used hype cycles to offload holdings onto retail investors.
"I still think it's going to zero," Schiff said. "It's a gigantic pump and dump."
Schiff also claimed that Bitcoin's rise above $100,000 earlier this year was partly driven by political and structural catalysts.
He argued that the launch of Bitcoin exchange-traded funds and the election of president Donald Trump were used by the industry to "pump up Bitcoin and crypto so they would be able to cash out."
According to Schiff, "a lot of the dumping has been going on over the last several years," adding that Bitcoin's sideways movement since its $126,000 peak shows the rally has lost momentum.
He emphasized that when measured in gold — which he considers "real money" — Bitcoin has dropped roughly 30% from its highs.
BTC Price Action (Source: TradingView)
Bitcoin trades near $109,700 as of Thursday, attempting to stabilize after recent volatility.
The $108,000–$109,000 zone, aligned with the 200-day exponential moving average at $108,111, continues to serve as a critical support area.
A sustained defense of this level has prevented deeper losses through October.
However, short-term moving averages between $111,800 and $113,400 now act as overhead resistance, keeping recovery attempts capped.
A daily close above this cluster would signal renewed bullish momentum.
The Supertrend indicator remains higher at $119,393, suggesting significant resistance ahead.
As long as Bitcoin stays above its 200-day EMA and the long-term base near $108,000, the broader uptrend remains intact.
Losing this level could expose downside targets at $100,000 and $92,000.
While Schiff's skepticism underscores persistent doubts among traditional economists,
Bitcoin's structural support and institutional flows continue to attract market attention.
For now, the technical landscape favors cautious optimism as long as buyers defend the $108,000 base.
A breakout above $119,400 would invalidate the short-term bearish bias and potentially reopen the path toward $124,000.
Traders continue to view this consolidation as a key inflection point between sustained recovery and deeper correction.
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Posted In: $BTC
