Peter Schiff predicts bitcoin will fall to $ 20,000

Economist Peter Schiff said he believes it is «highly likely» that bitcoin BTC $66,703.38 Mezo Wrapped BTC 1.99% Market capitalization $37.79 million VOL. 24 hours $1.06 billion will fall to at least $ 20,000 and urged investors to sell the asset immediately. He emphasized that BTC is on the verge of a dip below 50 thousand, and a move to 20 thousand would mean an 84% decline from its all-time high.

In a post in X, Schiff reminded that bitcoin has already fallen to such levels in the past, but this time the risks are much greater, in his opinion, due to hype, leverage, institutional ownership, and market capitalization. He added that the volatility is a «function, not a bug» of the asset.

At the same time, other market participants express opposing views. Fidelity’s Jeroen Timmer called the $ 60,000 level a «cyclical bottom» and suggested that a new bullish trend could begin after several months of sideways movement.

In addition, analysts pay attention to the Puell Multiple indicator, which currently stands at 0.70. Previous «bottoms» were formed when the indicator fell below 0.50, which may indicate a low point that has not yet been reached.

Tom Lee, the head of BitMine Immersion Technologies, said that the current «crypto winter» is nearing its end, and bitcoin may find support at $ 60,000. At the time of writing, BTC was trading at $ 67,300, having added 0.8% over the past day.