wrote in X on Tuesday that excessive complacency signals that the crypto market is still far from bottoming out.

"When Bitcoin breaks $50,000, a rapid decline below $20,000 should follow," Schiff wrote, arguing that such a move would finally break the resolve of long-term Bitcoin holders worldwide.

Schiff's broader argument remains the same. He has long argued that Bitcoin lacks intrinsic value compared to gold and views the current cycle as yet another speculative excess awaiting inevitable retribution.

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Bitcoin supporters reacted to the new statement, pointing to Schiff's long history of bearish forecasts. Many noted that he questions Bitcoin's viability since the asset traded for a few thousand dollars over a decade ago.

"Peter Schiff declares Bitcoin dead at $1,000 and still writes the same post with different numbers," one user responded, capturing the prevailing sentiment in the community.

Others focused on conviction, not price.

"What Peter refuses to understand is that $20,000 wouldn't have swayed any hodler," wrote another, portraying Bitcoin as a censorship-resistant monetary network rather than a speculative bet.

Market participants are now monitoring key technical levels, with stronger demand between $64,000 and $66,000, while Bitcoin remains 47% below its all-time high near $126,000, which was set for late 2025.

So far, the market's reaction to Schiff's forecast appears to be limited to social media squabbles. Bitcoin holders have largely dismissed the forecast, viewing any deeper decline as a buying opportunity rather than a signal to capitulate.