'It's a Trap Door': Peter Schiff Issues New Bitcoin Collapse Warning
TL;DR
Peter Schiff warns that Bitcoin's $60,000 level may not be a solid price floor, calling it a 'trap door' that could lead to further declines. This contradicts the belief that institutional investment will prevent Bitcoin from dropping below this threshold.
Key points
- Peter Schiff warns Bitcoin's $60,000 level may not hold.
- He calls it a 'trap door' for potential further declines.
- Contrasts with views of institutional support for Bitcoin.
Mentioned in this story
In a recent interaction on X, longtime cryptocurrency critic Peter Schiff warns that the $60,000 level might not be the ultimate price floor for Bitcoin price, referring to it as a "trap door".
This is in contrast to the widely held view that $60,000 might be the ultimate price floor in this current cycle and that Bitcoin may not drop below this level, cushioned by institutional investment.
Bitcoin reached a low of $60,000 on February 6 and has since held up above this level, even up to the present, leading some to believe that a floor might have been reached.
An X user brought this fact to Schiff's notice, saying, "$60,000 is the floor sir." Schiff, in his usual characteristic manner, waved this off while using the chance to double down on his bearish outlook for Bitcoin, saying, "It's likely a trap door that Bitcoin will fall through."
It's likely a trap door that Bitcoin will fall through. It's a long way down.
— Peter Schiff (@PeterSchiff) May 23, 2026
"It's a long way down," Schiff said, hinting at further downside for Bitcoin's price.
At a current price of $74,720, Bitcoin is up nearly 25% from the low of $60,000 reached on February 6, with analysts suggesting potential consolidation ahead of the next major move.
Bitcoin short-term price action
Bitcoin surpassed $82,000 in a few attempts in May, rising above the True Market Mean at $78,300 but failing to sustain above it. Previous cycles suggest weeks to months of consolidation around this level might be needed before a credible bull market transition can be confirmed.
Below here, the cost basis of investors who accumulated during the February to April consolidation period, now classified as 1-month to 3-month holders, sits near $71,400, representing the most probable near-term support level.
The 30-day cost basis at $78,200 has flipped from support to overhead resistance, while the cost basis at $71,400 now represents the most immediate support floor for the current pullback.
At the time of writing, BTC was down 3.29% in the last 24 hours to $74,720 as the crypto market saw a sudden drop early Saturday.
Q&A
What did Peter Schiff say about Bitcoin's price floor?
Peter Schiff stated that the $60,000 level for Bitcoin may not be a reliable price floor and referred to it as a 'trap door' for potential further declines.
Why does Peter Schiff believe Bitcoin could fall below $60,000?
Schiff believes that the current support level of $60,000 is misleading and that Bitcoin could drop significantly, despite the prevailing view that institutional investment will protect this price point.
What was Bitcoin's price trend leading up to Schiff's warning?
Bitcoin reached a low of $60,000 on February 6 and has remained above this level, leading some to speculate that it has found a price floor.
