Bitcoin fell below $60,000 after $450 million in long liquidations. Analysts watch key support while Peter Schiff says gold outperforms BTC. | Credit: CCN.com
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Key Takeaways
Peter Schiff predicts a Bitcoin crash to $20,000.
He said a price fall could trigger panic selling among long-term holders.
Bitcoin’s decline has coincided with Strategy’s first Bitcoin sale in years.
Peter Schiff, one of Bitcoin’s longest-standing critics, has made another stark warning that its price could suffer a dramatic collapse to $20,000, arguing that investor complacency remains too high for the market to have reached a bottom.
The comments come as Bitcoin trades below the psychologically important $70,000 level, as Schiff suggested that a deeper correction could be incoming.
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Peter Schiff Predicts Further Bitcoin Price Downturn
In a post on X on June 3, Schiff said Bitcoin’s decline is likely to continue.
“There is way too much complacency in Bitcoin for the market to be anywhere near a bottom,” Schiff wrote.
The famed Bitcoin critic wrote that it would be a “quick fall” below $20,000 when Bitcoin breaks $50,000.”
He added that this “should be a big enough drop to shake the conviction of long-term HODLers, causing many to finally throw in the towel.”
There is way too much complacency in Bitcoin for the market to be anywhere near a bottom. When Bitcoin breaks $50K, it should be a quick fall below $20K, which should be a big enough drop to shake the conviction of long-term HODLers, causing many to finally throw in the towel.
In a separate post, he also questioned whether weakness in Bitcoin could foreshadow broader declines in other markets.
“I wonder if a Bitcoin crash will be a harbinger of things to come in risk assets in general, or if it’s just a one-off thing confined to Bitcoin and crypto,” Schiff wrote.
Adding: “Whichever it is, we should find out soon enough. Maybe it will also be a catalyst to drive investors into value and safety.”
Schiff also linked Bitcoin’s recent weakness to US politics, reviving criticism of Donald Trump’s controversial proposals for government-backed Bitcoin holdings.
“As Bitcoin continues to melt down… pressure will build from Trump’s Bitcoin donors and his family’s business to use the Strategic Bitcoin Reserve to bail out Bitcoin investors and the crypto industry,” he wrote.
Longtime Bitcoin Critic
Schiff’s latest warnings continue Schiff’s over a decade-long campaign against Bitcoin, during which he has repeatedly argued that it lacks value.
Bitcoin’s Relative Strength Index (RSI) has also fallen below 30, usually highlighting aggressive selling pressure.
However, RSI readings below 30 can occasionally signal oversold territory.
These conditions can sometimes highlight an incoming relief rally, though this remains to be seen.
Michael Saylor’s Strategy Sells
Bitcoin’s sharp drop gained momentum earlier this week after Strategy disclosed the sale of a small portion of its Bitcoin holdings.
Although tiny relative to Strategy’s vast treasury, the transaction drew attention because it was the first time since 2022 that Strategy had reduced its Bitcoin position.
The sale, consisting of 32 Bitcoin for roughly $2.5 million, marked a clear departure from Executive Chairman Michael Saylor’s “never sell” mantra.
Although the company disclosed the sale in a regulatory filing on June 1, the Bitcoin was sold during the period between May 26 and May 31.
A Polymarket contract that attracted roughly $15 million in trading volume is now in dispute with disgruntled betters.
Supporters of a “Yes” outcome argue that blockchain records and Strategy’s subsequent filing demonstrated that the sale occurred before the May 31 cutoff.
Those backing a “No” result contend that investors were not informed until after the deadline had passed.
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.
