Peter Schiff Says Bitcoin Won’t Hold $10,000, Warns It Could Fall to $0

▲ Bitcoin (BTC) / ChatGPT-generated image

Peter Schiff, a prominent Bitcoin (BTC) skeptic, has issued a dramatic warning that the cryptocurrency will fail to hold even the $10,000 support level and collapse catastrophically.

According to U.Today on February 12 (local time), Peter Schiff, chief economist at Euro Pacific Asset Management, recently warned that Bitcoin’s current decline is not merely a correction but the beginning of a complete erosion of its asset value.

Schiff analyzed that once Bitcoin falls below the key psychological support level of $60,000, panic selling will spread uncontrollably throughout the market. He offered a pessimistic outlook, saying that price ranges that previously served as strong support during bull markets would fail to provide any meaningful support in the current downturn.

Regarding Bitcoin’s downside target, Schiff asserted, “Even if Bitcoin plunges to $10,000, I do not expect it to find support at that level.” He argued that Bitcoin is merely a speculative bubble with no intrinsic value and that the decline will not stop until the bubble has completely burst.

He explained that as investors return to safe-haven assets such as gold, Bitcoin’s liquidity will rapidly dry up. As prices fall, buyers will disappear while sell orders from those trying to exit their positions will flood the market, potentially leading to a state of market paralysis, he added.

Amid growing volatility in the cryptocurrency market, Schiff’s remarks are causing significant ripples among investors. With Bitcoin precariously holding the $65,000 level, market tension is intensifying over whether his prediction will become reality.

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