BCGAME - Free 5BTC Daily Bonus!- Peter Schiff predicts Bitcoin will fall below $20.
- Complacency threatens the Bitcoin market, says economist.
- Demand for Bitcoin weakens, according to CryptoQuant.
Economist and gold advocate Peter Schiff reiterated his skepticism about Bitcoin, stating that the largest cryptocurrency on the market could still face a much deeper drop. The statement came amid a correction in BTC, which was trading near $67 after accumulating losses exceeding 4% in 24 hours and more than 16% over the past 30 days.
For Schiff, the main concern is not just the recent price decline, but investor behavior. In a post on the X network, he argued that the prevailing sentiment still does not show sufficient signs of capitulation to indicate a market bottom.
“There’s a lot of complacency in the Bitcoin market for it to be close to hitting rock bottom,” he posted on X. “When Bitcoin surpasses $50, it should quickly fall to below $20.”
There is way too much complacency in Bitcoin for the market to be anywhere near a bottom. When Bitcoin breaks $50K, it should be a quick fall below $20K, which should be a big enough drop to shake the conviction of long-term HODLers, causing many to finally throw in the towel.
- Peter Schiff (@PeterSchiff) June 2, 2026
According to the economist, a drop of this magnitude could potentially weaken the confidence of many investors who hold long-term positions. In his assessment, the movement could lead some of this group to abandon their bets on the digital asset.
In addition to criticizing Bitcoin, Schiff also focused his attention on Strategy, a company led by Michael Saylor and known for its significant exposure to cryptocurrency. The analyst highlighted concerns related to STRC preferred shares, arguing that a potential loss of investor confidence could further pressure prices and force adjustments to the yields offered by the company.
The comments come after Strategy sold 32 BTC to raise approximately US$2,5 million earmarked for dividend payments on preferred stock. Although the transaction represents a minimal portion of the more than 843 Bitcoin units held by the company, Schiff believes the financial structure associated with the product could face challenges should market conditions deteriorate.
Not everyone shares the same pessimistic view. Commentator Alex Marzell stated that a potential drop to the $20 range would only serve to test the available liquidity of investors interested in expanding their positions.
Bitget CEO Gracey Chen also expressed confidence in Bitcoin's long-term potential. She stated that she is monitoring the $50 region as a possible buying zone and highlighted that the global expansion of the money supply tends to benefit scarce assets, including BTC and gold.
Still, Chen noted short-term risks related to the Consumer Price Index (CPI), potential changes in interest rates, and movements by large Bitcoin holders, including lenders linked to Strategy and Mt. Gox. The executive also mentioned that large initial public offerings of artificial intelligence companies could attract some of the liquidity currently directed towards risk markets.
Meanwhile, Julio Moreno, head of research at CryptoQuant, pointed to signs of weakening demand for Bitcoin. According to him, the market is registering a monthly reduction equivalent to approximately 232 BTC in demand for the asset. In his analysis, the current correction is more related to the slowdown in demand than to macroeconomic factors or the performance of the stock market.
The assessment follows the same line as a recent Bitfinex report, which described Bitcoin's current state as a phase of gradual decline, marked by position selling and reduced enthusiasm among market participants.
