- Long-time crypto critic Peter Schiff warns that if Bitcoin breaks $50,000, a further fall to $20,000 is highly likely.
- Schiff dismisses requests for technical analysis, calling Bitcoin’s price volatility “a feature, not a bug.”
- In contrast, analysts at Bernstein and Standard Chartered maintain a $150,000 year-end price target for Bitcoin.
- Bitcoin was trading near $67,800 with retail sentiment in ‘bearish’ territory on Stocktwits.
Noted Gold advocate and persistent Bitcoin skeptic Peter Schiff issued a fresh warning on Thursday, predicting a steep decline for the cryptocurrency if its price falls below the $50,000 threshold. In a post on X, he stated that such a break could lead Bitcoin to test $20,000, representing an 84% drop from its all-time high.
When questioned for technical analysis to support his claim, Schiff simply replied that “Volatility is a feature, not a bug.” His latest bearish call adds to over 200 similar warnings he has issued since 2011, according to trackers.
Consequently, Schiff ranks as the most frequent Bitcoin skeptic tracked by Bitcoin Deaths. He argues that increased hype and institutional ownership could worsen a potential crash.
However, other analysts point to the stabilizing effect of institutional involvement, which brings deeper liquidity and regulated custody. Meanwhile, firms like Bernstein and Standard Chartered continue to project a $150,000 price target for Bitcoin by the end of the year.
Bitcoin’s price was near $67,800 on Friday, with retail sentiment remaining bearish on the Stocktwits platform. Traders are now looking to potential regulatory progress, such as the CLARITY Act, as a catalyst for the market.
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