Schiff Warns of $20K Bitcoin Collapse Amid Market Turbulence

Peter Schiff, chief of Euro Pacific Capital, has once again voiced his skepticism about Bitcoin's (BTC-USD) value. In a recent post on X, he predicted that Bitcoin will collapse to $20,000, citing excessive complacency in the market as a sign that crypto is far from finding a genuine bottom at current price levels.

At the time of Schiff's warning, Bitcoin was trading at $66,670 after slipping below the key $70,000 support level and recording a single-day decline of 6.4%. The veteran gold advocate argued that when Bitcoin breaks $50K, it will be a quick fall to $20K, forcing even the most committed holders to reconsider their positions entirely.

However, Schiff's prediction was met with fierce backlash from the crypto community, who pointed out his lengthy track record of failed bearish calls. Critics noted that he has questioned Bitcoin's viability since it traded in the low thousands over a decade ago.