Economist Peter Schiff, a persistent critic of Bitcoin, warned on Saturday that the cryptocurrency's slide is accelerating and could turn into a rout if it breaks through $50,000, opening the way for a return to its 2022 low.
In a post on X, Schiff said the decline is "gathering steam" and that momentum should build once Bitcoin falls below the $50,000 mark. From there, he argued, the move could be swift. "Once it does, it could be a quick trip to the 2022 low below $16.5K," he wrote, adding that a retest of that level before year-end would not surprise him. If it happens, he said, "it's curtains" for Strategy Inc. (MSTR).
Bitcoin was trading near $67,114 on Saturday, down about 2% on the day, according to Coinbase data. That is roughly $8,337, or 11%, below Strategy's average purchase cost of $75,451 per coin as of Nov. 1. Schiff's stated targets imply far deeper losses: a drop to $50,000 would be about 25.5% below current levels, while a slide to $16,500 would represent a decline of about 75.4%.
Schiff has laid out even gloomier scenarios elsewhere. In a Thursday interview with Bitcoin Magazine, he said Bitcoin has never recorded two consecutive down years, a pattern he expects to break, and predicted the price would head "well below 10,000" -- an 85.1% drop from current levels. His argument centers on ownership: much of the Bitcoin supply now sits with exchange-traded funds and corporate treasury holders such as Strategy, which he views as vulnerable to rapid selling.
Strategy's balance sheet is the reason Schiff singles out the stock. The company's latest purchase added 811 BTC for about $65.5 million, lifting total holdings to 849,327 BTC, according to the report. Its shares have ranged between $81.81 and $213.83 over the past 52 weeks.
Not everyone shares the bearish view. In late October, investor Mike Alfred said on the All Things Markets podcast that he would wager up to $1 million that Bitcoin reaches $100,000 before $60,000. Host Anthony Scaramucci, founder of SkyBridge Capital, said he agreed. Alfred added that he does not expect Bitcoin to fall below $57,000 to $58,000 again, and said of Schiff that he "should have just bought it instead."
Bitcoin has fallen about 17% since trading at $80,840 when Alfred made those remarks. His $60,000 line now sits roughly 10.6% below the current price, while his $100,000 target is about 49% above it.
The gap between the two camps highlights how much the market's next move hinges on the $50,000 to $60,000 band. A break lower would test the conviction of corporate treasury holders whose cost bases sit well above the market, while a rebound would vindicate those betting on a recovery toward six figures.
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