Bitcoin Could Hit Zero: Peter Schiff Weighs in on Crypto's Bottom

Bitcoin's recent price drop has sparked debate among market analysts about when the cryptocurrency will finally hit its bottom. Longtime crypto critic Peter Schiff weighed in on this question, responding with a stark prediction: '0.' This response suggests that he believes Bitcoin's price could potentially reach zero or remain open-ended on the downside.

Bitcoin fell to a 21-month low of $57,717 on July 1, its lowest level since September 17, 2024. It later rebounded and was trading at $62,463 over the last 24 hours, up 1.18%. The price drop has led many analysts to question when Bitcoin will reach a bottom, which is an inflection point where panic selling eventually turns into a mass buying opportunity.

Schiff's prediction of '0' may be in line with his previous statements about the collapse of Bitcoin's market price. He has also predicted that the price will decline to $1,000. In contrast, Citigroup recently reduced its 12-month target for Bitcoin to $82,000 from $112,000.