Peter Schiff warns Bitcoin could fall below $20,000, saying the market is far from bottoming out.

CoinFeed reported on June 3rd that Peter Schiff, a gold supporter and long-time Bitcoin critic, has stated that the current Bitcoin market is overly optimistic and is still far from bottoming out. Schiff predicts that if Bitcoin falls below $50,000, the price could quickly drop below $20,000, shaking the confidence of long-term holders (HODLers) and triggering a larger sell-off. Schiff also stated that the market needs to pay attention to whether a Bitcoin decline could be a harbinger of a broader correction in risk assets. If the Bitcoin crash is limited to the crypto market, it may be due to industry-specific factors; however, if it simultaneously affects risk assets such as stocks, it could indicate that deeper macroeconomic risks are accumulating.