Peter Schiff issues another Bitcoin crash warning

In a recent exchange on X, longtime crypto commentator Peter Schiff warned that the $60,000 level may not be the ultimate floor for Bitcoin prices, calling it a “trap door.”

This is in contrast to the widely held view that the ultimate price floor in the current cycle could be $60,000, and that Bitcoin is unlikely to fall below this level due to institutional investment.

Bitcoin hit a low of $60,000 on February 6th and has remained above this level ever since, leading some to believe it may have hit a floor.

User X brought this fact to Mr. Schiff’s attention and said, “The lowest price is $60,000.” Schiff, in his usual signature manner, dismissed this and used the opportunity to double down on his bearish outlook on Bitcoin, saying, “This is probably a trapdoor that Bitcoin will fall through.”

Schiff said that “the decline is far away,” suggesting that the price of Bitcoin could fall further.

At its current price of $74,720, Bitcoin is up nearly 25% from its February 6 low of $60,000, with analysts suggesting it could consolidate for its next big move.

Bitcoin short-term price movement

Bitcoin made several attempts in May to surpass $82,000, above the true market average of $78,300, but was unable to sustain above that level. Previous cycles suggest that it may take weeks or months of consolidation around this level before a credible transition to a bull market is confirmed.

Below that is the cost base of investors that accumulated during the February-April consolidation period and are now classified as 1-3 month holders, sitting around $71,400 representing the most likely short-term support level.

The 30-day cost base of $78,200 has flipped from support to immediate resistance, and the $71,400 cost base represents the most immediate support floor for the current pullback.

At the time of writing, BTC has fallen 3.29% in the past 24 hours to $74,720 following a sudden drop in the crypto market early Saturday.