Peter Schiff, after predicting Bitcoin's collapse, spews venom... "It will fall further from $60,000"

▲ Bitcoin (BTC)

Peter Schiff, known as a Bitcoin (BTC) skeptic, has once again issued a strong warning about Bitcoin's $60,000 support level. While some in the market are increasingly viewing $60,000 as the final bottom of this cycle, Schiff argued that this price point might not be a support level but rather a starting point for further decline.

U.Today reported on May 23 (local time) that Schiff recently directly refuted the $60,000 Bitcoin support theory on X (formerly Twitter). When an X user mentioned to Schiff that "$60,000 is the bottom," Schiff responded, "It's more likely a trap door for Bitcoin to fall through. There's a long way down."

According to the article, the $60,000 support theory gained traction alongside market expectations that institutional investment inflows would prevent Bitcoin's decline. Bitcoin has not fallen below $60,000 since hitting that low on February 6, leading some investors to believe a bottom was confirmed at that point.

Schiff dismissed such expectations and reiterated his existing pessimistic outlook. U.Today stated that Schiff's remarks suggested the possibility of further downside for Bitcoin's price. Schiff has consistently maintained a critical stance on Bitcoin, and this time too, he delivered a message contrary to market optimism.

Analysis regarding short-term price movements was also presented. Bitcoin attempted to break $82,000 several times in May and surpassed the True Market Mean of $78,300 but failed to maintain that level stably. Considering previous cycle trends, it was analyzed that a consolidation process of several weeks to months might be needed in this range before a reliable bull market reversal is confirmed.

Currently, the cost basis for holders who bought during the consolidation phase from February to April (1 to 3 months holding period) is presented around $71,400. The 30-day cost basis of $78,200 has shifted from a support level to an upper resistance level, and $71,400 has been identified as the closest support level for the current correction phase.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*