Peter Schiff has intensified his bearish Bitcoin predictions, warning investors against holding the crypto asset at current levels above $60,000, claiming that those who fail to offload their BTC stash could incur heavy losses. Speaking on his podcast, Schiff argued that 'many people, myself included, regret not buying Bitcoin when they first learned about it. Soon, more people will regret not selling Bitcoin above $60K when they had the chance.' Despite his own regret about missing the early Bitcoin opportunity, Schiff claimed he won't buy BTC even if its price drops 3x, noting that '₹20K is way too much to pay for nothing.' The economist's reasoning centers on a market trap, claiming that Saylor avoids selling BTC because any meaningful liquidation would sink the price, but the market already understands this bind and will crash anyway.
Peter Schiff has intensified his criticism of Wall Street institutions, accusing major banks of 'not believing their own bulls' when it comes to Bitcoin predictions. Speaking on his podcast, Schiff noted that none of the five major banks - Citigroup, Standard Chartered, Bernstein, JPMorgan, and Fundstrat - hold Bitcoin positions despite their bullish forecasts. The banks' year-end targets range from $82,000 (Citigroup) to $200,000-$250,000 (Fundstrat), yet their balance sheets remain Bitcoin-free. Instead, these institutions focus on custody services, trading desks, and blockchain infrastructure to serve cryptocurrency clients without taking direct market risk.
Schiff's criticism centers on MicroStrategy, which has implemented a comprehensive Digital Credit Capital Framework marking a strategic shift from accumulation-only thinking to active balance-sheet management. The framework includes $1.0 billion authorized for preferred securities repurchases, $1.0 billion for common-stock repurchases, and $1.25 billion for Bitcoin monetization to fund or replenish the USD Reserve. However, Schiff has now turned critical of the company's latest financial moves, noting that Strategy has gone three consecutive weeks without buying Bitcoin and has not sold any since disposing of 3,588 BTC last week. The company's decision to raise $450 million through a common stock sale has pushed cash reserves to $3 billion while the stock traded at a steep discount to its Bitcoin holdings, which Schiff called 'a needless dilution of shareholders'.
Schiff has identified specific technical levels for his Bitcoin forecast, warning that a break below $58,000 could drag Bitcoin under $50,000 with his floor sitting between $30,000 and $20,000. The economist identified resistance near $65,000 and support around $58,000, noting that Bitcoin trades just under $65,000 at the time of writing, up nearly 5% in the last week. Despite his bearish predictions, Schiff admitted some regret about missing the early Bitcoin opportunity, saying 'I don't regret not buying it three, four, five years ago… But yeah, 15 years ago, sure, I should have bought it.' Recent technical analysis shows $65K-$67K as a short-term sell zone, with another overhead hurdle at the 200-day Moving Average at $73.4K. Failure to clear these obstacles could increase the chance of dipping to $60K or below.
Bitcoin has declined over 27% year-to-date, trading at $64,062 with a 0.2% decline in the last 24 hours. The cryptocurrency has bounced from a low of $57.8K to nearly $65K in July, gaining about 11% due to improved macro conditions after softer CPI data this week. However, analysts are cautious that the macro relief could be temporary, as renewed U.S-Iran escalations could dent energy markets and risk appetite again. Bitfinex analysts noted that there was no marginal institutional demand for BTC despite the macro relief, with the ETF complex selling $424.7 million on July 13 while Strategy bought nothing. QCP Capital projects Bitcoin could remain range-bound within $60K-$75K, with notable hedging against a potential dip to $55K-$58K. The bull case requires lower real yields, stronger ETF inflows and regulatory progress, while the bear case depends on a decisive break below support on continued outflows.
