Peter Schiff is bearish on Bitcoin — again. | Source: CCN.
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Peter Schiff said he could eventually predict a Bitcoin decline to $1,000.
The comments came after Citigroup cut its 12-month Bitcoin price target to $82,000 from $112,000.
Schiff argued a sharp Bitcoin selloff could force Strategy to sell more of its holdings.
Gold advocate Peter Schiff warned on Tuesday that he would eventually predict Bitcoin’s price declining to $1,000.
It comes as Citigroup separately lowered its 12-month price forecast for the crypto amid weakening investor demand and persistent ETF outflows.
Bitcoin’s price was trading around $58,900 on Tuesday, extending recent losses after falling to its lowest level since September 2024.
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In a post on X, Schiff said Bitcoin’s support near $58,000 was unlikely to hold.
Schiff argued that a break below that level could send the crypto down to $50,000, then to $20,000.
He also said such a decline could force Strategy, the largest corporate holder of Bitcoin, to sell additional holdings to preserve its US dollar reserves.
“I wouldn’t pay $20,000 for just one Bitcoin,” Schiff said.
Bitcoin has support at $58,000. I doubt it will hold. Once it gives way, Bitcoin could collapse below $50,000, testing the August 2024 low. If that support fails too, the next level is around $20,000. Strategy will have to sell a lot more Bitcoin to maintain its dollar reserve.
In a separate post, Schiff questioned why investors viewed a return to $20,000 as improbable, noting that Bitcoin traded below that level less than four years ago.
He argued that assets can revisit multi-year lows and said Bitcoin’s historic volatility makes it plausible.
In a follow up post in response to someone asking why he doesn’t make a call as low as $1,000, Schiff wrote:
“I will go there eventually. I’m just pointing out a high number that most Bitcoiners still think is impossible.”
Citi Lowers Bitcoin Price Forecast
Schiff’s latest comments came after Citigroup cut its 12-month forecasts for both Bitcoin and Ether, citing weaker investor appetite and slower-than-expected progress on U.S. digital asset legislation.
Citi reduced its 12-month Bitcoin target to $82,000 from $112,000, Reuters reported.
Meanwhile, it lowered its Ethereum forecast to $2,240 from $3,175.
According to the report, Citi also outlined a bearish scenario in which Bitcoin falls to around $53,000 over the next year.
At the time of reporting, Bitcoin was trading at around $58,900 after sliding to its weakest level since September 2024.
The crypto has lost more than half its value since reaching $126,200 in October last year.
Schiff Has Repeatedly Warned About Strategy
The latest warning follows similar comments Schiff has made in recent days.
Schiff’s latest warnings come just days after Strategy unveiled a plan that gives it the option to sell up to $1.25 billion Bitcoin.
According to the company, proceeds could be used to build its US dollar reserve, fund preferred stock dividend and interest payments, and repurchase preferred securities.
Strategy emphasized that the authorization does not require it to sell Bitcoin and said any sales would depend on liquidity needs.
“Strategy remains committed to Bitcoin as its primary treasury reserve asset,” Executive Chairman Michael Saylor said.
He added that the framework is would strengthen the company’s credit profile while providing greater flexibility.
Ran Neuner Says Plan Eases Investor Concerns
Opposite to Schiff’s outlook, Crypto Banter founder Ran Neuner said the announcement addresses one of the biggest concerns weighing on investor sentiment around Strategy.
Neuner said the capital raise provides Strategy with sufficient liquidity to meet its dividend commitments for more than 17 months.
This, he said, allows the company to avoid making near-term financing decisions as it waits for more favorable market conditions.
“This just shows you that a lot of the Bitcoin price being suppressed is people worried about Saylor and Saylor’s position,” he said.
“The markets basically… breathed a sigh of relief.”
Neuner added that the market had been concerned that Strategy could eventually be forced to sell Bitcoin if its financial position deteriorated.
Could Bitcoin Really Fall to $1,000?
A decline to $1,000 would represent a fall of more than 98% from Bitcoin’s current price near $58,900 and more than 99% below its all-time high of roughly $126,200.
While Bitcoin has experienced several drawdowns of more than 70% during previous bear markets, a move to $1,000 would mark by far the largest collapse in the cryptocurrency’s history.
A fall to $1,000 would likely require an unprecedented combination of events at the same time.
These would include:
Widespread regulatory bans
A collapse in institutional demand
Mass liquidations by major holders
Severe breakdown in confidence
Even Schiff did not predict an imminent move to that level, instead saying he would “go there eventually.”
Despite major price drops, most institutional forecasts remain well above that level.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
