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Longtime crypto critic Peter Schiff recently responded to the question of what price level would indicate Bitcoin has finally bottomed, in a discussion on X.
In his usual characteristic manner, Schiff responded "0," reinforcing his long-held skepticism toward digital assets. Bitcoin recently fell to a 21-month low as the prospect of higher interest rates and concerns about the token's largest corporate buyer, Strategy, weighed on sentiment.
BTC fell to a low of $57,717 on July 1, its lowest level since Sept. 17, 2024. It later rebounded and was trading up 1.18% over the last 24 hours to $62,463.
Bitcoin's drop is forcing crypto veterans to face the question every bear market eventually asks: when does the price reach a bottom? A bottom refers to an inflection point where panic selling eventually results in a mass buying opportunity.
When will Bitcoin price bottom?
With Bitcoin down nearly 51% from last year's record high of $126,198, an increasing number of market analysts say the cryptocurrency is entering the zone where previous price drops have ultimately bottomed. The catch is that these bottoms have traditionally taken months to form, with most traders already throwing in the towel.
Schiff's response of "0" to when Bitcoin's price will eventually bottom might have varied meanings. The longtime crypto critic has often reiterated his prediction of Bitcoin's collapse, at one point saying its market price will be zero. Schiff might be responding in this context.
Also, the fact that his "0" response bore no dollar sign might mean it was not a technical price level Schiff was referring to. His stance might lean toward the idea that Bitcoin's downside could remain open-ended.
Schiff recently said that he would eventually predict Bitcoin's price declining to $1,000. His comments came after Citigroup reduced its 12-month Bitcoin target to $82,000 from $112,000. In its 17 years of existence, Bitcoin continues to prove naysayers wrong.
Dan Burgin
U.Today Editorial Team
