Schiff Warns Bitcoin May Fall to $20K if Price Dips Below $50K
Bitcoin critic and gold bull Peter Schiff has issued another warning about the cryptocurrency's price, saying it may fall to $20,000 if it dips below $50,000.
He made this statement on X (formerly Twitter), where he is known for his frequent bearish calls on Bitcoin. According to trackers like CryptoPotato, Schiff has issued over 200 bearish calls since 2011, with some of his earliest warnings dating back to June 2011 when he criticized Bitcoin for lacking intrinsic value.
Schiff's main argument is that 'more hype, leverage, and institutional ownership' make a crash worse. However, other analysts have argued that institutional ownership also means deeper liquidity, regulated custody, and a significantly higher floor of structural demand that didn't exist during the crypto crashes of 2018 and 2022.
Bitcoin's price is currently trading at around $67,800, up 1.1% in the last 24 hours. Despite this, retail sentiment around Bitcoin continues to trend in 'bearish' territory on Stocktwits, with low levels of chatter about the cryptocurrency.