Odious financial commentator Peter Schiff has urged Bitcoin holders to sell the leading cryptocurrency above the $100,000 level, describing this as an “incredible” opportunity.
“If you own Bitcoin, hurry and sell it now, while the price is still above $100K,” Schiff said in a recent social media post.
Earlier this month, as reported by U.Today, Schiff warned that Bitcoin was “ridiculously overpriced.”
“Cryptos are melting”
Mike McGlone, Bloomberg’s senior commodity strategist, appears to be on the same page with Schiff, predicting that Bitcoin’s stay above the $100,000 level will not last long.
The Bitcoin-bull-turned-bear has noted that the Bloomberg Galaxy Crypto Index has dropped 1% in 2025 despite about a 16% gain in the S&P 500.
Not for long in my view, Bitcoin above $100,000. The first born crypto opened Monday Nov. 3 US am below its 200-day moving average (now resistance at about $110,000). Bitcoin may open Monday Nov. 10 below $100,000. Strategy Inc. has broken down and the Bloomberg Galaxy Crypto… https://t.co/mlVgbEoEl7
— Mike McGlone (@mikemcglone11) November 8, 2025
A sign of bullish reversal?
In the meantime, Kynikos Associates founder Jim Chanos has announced that the firm has unwound its short‑on‑Strategy/long‑Bitcoin trade.
As we have gotten some inquiries, I can confirm that we have unwound our $MSTR/Bitcoin hedged trade as of yesterday’s open. pic.twitter.com/lgrWNy35H8
— James Chanos (@RealJimChanos) November 8, 2025
Chanos first announced its audacious anti-MSTR bet on May 15, arguing that the leading Bitcoin treasury firm was overvalued relative to its Bitcoin holdings.
In June, as reported by U.Today, Chanos lambasted former Strategy CEO Michael Saylor for promoting “financial gibberish.”
Chanos’s bet turned out to be extremely prescient: MSTR has plunged by roughly 45% while its premium to net asset value (NAV) has basically evaporated.
Bitcoin evangelist Pierre Rochard believes that this could be a sign that the bear market for the treasury company bear market finally coming to an end. “Expect continued volatility, but this is the kind of signal you want to see for a reversal,” Rochard said.