Euro Pacific Capital chief Peter Schiff has renewed his long-running campaign against Bitcoin, predicting a brutal price collapse that has ignited fierce debate across the crypto community on X.
Schiff posted his latest warning as Bitcoin was trading at $66,670, having recently slipped below the key $70,000 support level and recording a single-day decline of 6.4%.
The veteran gold advocate argued that excessive complacency in the market signals that crypto remains far from finding a genuine bottom at current price levels.
“When Bitcoin breaks $50K, it should be a quick fall below $20K,” Schiff wrote, warning that such a move would finally break the resolve of long-term Bitcoin holders around the world.
Schiff framed the predicted decline not merely as a price correction but as a reckoning that would force even the most committed holders to reconsider their positions entirely.
The prediction arrived against a backdrop of genuine market turbulence, with Mt. Gox transferring approximately 10,422 BTC to new wallets as part of an ongoing creditor repayment process.
Strategy, the largest corporate Bitcoin holder, also executed a modest sale during the period, which added a layer of caution to an already fragile sentiment environment across the broader crypto market.
Despite those pressures, Bitcoin holders largely dismissed Schiff’s call, with many in the community framing any deeper price drop as a buying opportunity rather than evidence of structural collapse.
Critics pointed directly to Schiff’s lengthy track record of failed bearish calls, noting he has questioned Bitcoin’s viability since the asset traded in the low thousands more than a decade ago.
“Peter Schiff has been calling bitcoin dead since $1K and he’s still out here writing the same post with different numbers in it,” one user replied, capturing the dominant mood across the community.
Others rejected the psychological premise of Schiff’s argument entirely, insisting that a drop to $20,000 would not rattle those who hold Bitcoin as a long-term monetary asset rather than a speculative trade.
“What Peter refuses to understand is that $20,000 wouldn’t shake a single HODLer,” wrote another user, framing Bitcoin as a censorship-resistant monetary network rather than a speculative bet.
For now, the market reaction to Schiff’s prediction appears confined largely to social media, with no significant capitulation visible among Bitcoin’s core holder base despite the recent price weakness.
