Economist and gold proponent Peter Schiff wrote on X that if the Nasdaq index turns from a correction to a bear market, bitcoin prices could face a serious decline. Schiff said that the current Nasdaq decline of 12%, if this correlation continues, when the Nasdaq falls by 20%, the bitcoin price will fall to about $65,000, and if the Nasdaq experiences a 40% decline, bitcoin could fall to about $20,000 or even lower. Peter Schiff pointed out that historical bear markets have usually led to larger declines, referencing precedents such as the dot-com bubble, the 2008 financial crisis, and the COVID-19 pandemic crash of 2020.