Peter Schiff, the obnoxious financial commentator, prompted Bitcoin holders have sold the leading cryptocurrency above the $100,000 level, describing it as an “incredible” opportunity.
“If you own Bitcoin, sell it fast while the price is still above $100,000,” Schiff said in a recent social media post.
As reported by U.Today, Schiff said earlier this month that Bitcoin is “It’s ridiculously expensive.”
“Cryptocurrency is melting”
Mike McGlone, senior commodities strategist at Bloomberg, seems to agree with Schiff, predicting that Bitcoin’s stay above the $100,000 level won’t last long.
The Bitcoin bull-turned-bear pointed out that the Bloomberg Galaxy Crypto Index was down 1% in 2025, even though the S&P 500 index was up about 16%.
In my view, it won’t be long before Bitcoin surpasses $100,000. The first-born cryptocurrency opened on Monday, November 3, trading below its 200-day moving average (current resistance is around $110,000). Bitcoin could trade below $100,000 on Monday, November 10th. Strategy Inc. goes bankrupt, Bloomberg Galaxy Crypto… https://t.co/mlVgbEoEl7
— Mike McGlone (@mikemcglone11) November 8, 2025
A sign of a bullish reversal?
Meanwhile, Kynikos Associates founder Jim Chanos announced that the company has discontinued its short-on strategy/long trading in Bitcoin.
We have received several inquiries, so we would like to confirm that we have canceled the $MSTR/Bitcoin hedge transaction as of yesterday’s opening. pic.twitter.com/lgrWNy35H8
— James Kanos (@RealJimChanos) November 8, 2025
Chanos announced his first bold anti-MSTR bet on May 15th, arguing that major Bitcoin treasury firms are overvalued relative to their Bitcoin holdings.
As U.Today reported, in June Chanos criticized the promotion of former Strategy CEO Michael Saylor. “Financial nonsense”
Chanos’ bet turned out to be very prescient. MSTR has fallen about 45% and the premium to net asset value (NAV) has essentially evaporated.
Bitcoin Evangelist Pierre Rochard I believe This could be a sign that the bear market for financial companies is finally coming to an end. “We expect volatility to continue, but we hope this signals a reversal,” Rochard said.