Peter Schiff Urges Bitcoin Sell-Off, Sees 84% Price Plunge
TLDR
- Peter Schiff warned that Bitcoin could fall to $20,000 if it breaks below the $50,000 level.
- He said such a move would mark an 84% decline from Bitcoin’s all-time high.
- Schiff urged holders to sell Bitcoin now as he questioned the current market structure.
- He argued that high leverage and institutional ownership could worsen any sharp downturn.
- Bitcoin supporters pushed back and defended the asset’s long-term value and network strength.
Peter Schiff renewed his criticism of Bitcoin and warned of a steep decline if prices fall below $50,000. He said a break of that level could push the asset toward $20,000. He urged holders to sell now and framed the risk as severe.
Bitcoin Crash Warning Targets $50K Support
Schiff posted his latest warning on X and pointed to weakening price action.
He added that such a move would mark an 84% drop from the all-time high. He said prior drawdowns followed similar patterns but occurred under different conditions.
Schiff stated, “I know Bitcoin has done that before,” and compared the setup to earlier cycles. However, he argued that current leverage and ownership levels change the risk profile.
He said hype, leverage, and institutional exposure now sit at elevated levels. He warned that these factors could accelerate losses during a selloff.
Schiff has long criticized Bitcoin and promoted gold as an alternative store of value. He repeated his call and told followers to “Sell Bitcoin now!”
Bitcoin previously fell more than 70% after its 2017 peak. It also dropped sharply after reaching its 2021 high.
Those declines occurred before the launch of U.S. spot exchange-traded funds. They also preceded wider corporate treasury allocations.
Market Pushback and Ongoing Divide
Schiff’s comments drew immediate responses from Bitcoin supporters on X. Critics accused him of repeating a bearish stance he has held for years.
One user said investors who followed his silver calls remained “stuck in it for 20 years.” Others noted that Schiff urged sales when Bitcoin traded near $100.
Several replies highlighted Bitcoin’s censorship-resistant settlement network. They argued that global liquidity and open access support its long-term case.
One response said volatility reflects price discovery in a developing system. That user framed swings as part of market maturation.
Schiff has issued similar warnings during previous rallies and downturns. He has maintained that Bitcoin behaves like a speculative bubble.
Meanwhile, Bitcoin now counts spot ETFs, corporations, and institutions among holders. These entities control large portions of the circulating supply.
The debate reflects a divide over whether institutional ownership strengthens or weakens resilience. Schiff’s forecast centers on a potential break below $50,000 and a move toward $20,000.
The post Peter Schiff Urges Bitcoin Sell-Off, Sees 84% Price Plunge appeared first on Blockonomi.
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