Peter Schiff Says Bitcoin Bottom Is Zero as Bearish Prediction Returns

• Peter Schiff reaffirmed his bearish Bitcoin stance, saying its ultimate bottom is “0,” according to his response on X this week.
• Bitcoin recovered above $62,000 after hitting a 21-month low, while Schiff dismissed the rebound and maintained his long-term skepticism.
• Analysts see Bitcoin approaching a historical bottoming range, although macroeconomic uncertainty continues preventing consensus on the market’s next direction.

Longtime Bitcoin critic Peter Schiff has reaffirmed his negative outlook on the world’s largest cryptocurrency, saying its ultimate price bottom is “0.” According to Schiff’s response on X, the remark reflects his continued belief that Bitcoin will eventually lose all of its value despite surviving multiple market cycles.

His latest comment came in response to a user who asked what Bitcoin price would signal that the current market decline had finally reached its bottom. Instead of naming a support level or valuation range, Schiff replied with a single word, “0.”

The brief response immediately attracted attention because it reinforced a position Schiff has maintained for years. Moreover, it shifted the discussion away from short-term price action and back to his broader criticism of Bitcoin’s long-term value proposition.

Also Read: Robinhood CEO Says Real-World Assets Will Power Crypto’s Next Growth Phase

Schiff Doubles Down on Longstanding Bitcoin Criticism

Bitcoin recently dropped to $57,717 on July 1, marking its lowest level since September 2024. Investors reacted to expectations of higher interest rates and concerns surrounding Strategy, the largest corporate holder of Bitcoin.

However, the cryptocurrency later recovered part of those losses. At the time of writing, Bitcoin traded at approximately $62,463, representing a 1.18% gain over the previous 24 hours.

Despite that rebound, Schiff’s latest statement suggests he sees no reason to change his outlook. According to his comments on X, he does not believe Bitcoin has a meaningful long-term floor.

Some market participants interpreted his answer in different ways. Since Schiff wrote only “0” instead of “$0,” several observers suggested he was expressing a broader view rather than identifying a technical price target. Consequently, they argued the response reflected his belief that Bitcoin’s downside remains effectively unlimited.

Analysts See Potential Bottom While Uncertainty Persists

Schiff has repeatedly questioned Bitcoin’s long-term viability throughout its 17-year history. Additionally, he recently predicted the cryptocurrency could eventually decline to $1,000, extending a series of bearish forecasts he has made over the years.

His latest prediction also followed Citigroup’s decision to lower its 12-month Bitcoin price target from $112,000 to $82,000. Although the bank remains constructive compared with Schiff, the revised forecast reflected a more cautious market outlook.

Meanwhile, several analysts believe Bitcoin has entered a price range where previous bear markets eventually formed lasting bottoms. Historical market cycles show that major corrections often require months of consolidation before a sustained recovery begins.

Even so, analysts continue to caution that confirming a market bottom remains difficult while macroeconomic uncertainty and monetary policy concerns continue influencing investor sentiment.

Schiff’s latest “0” prediction underscores his unwavering skepticism toward Bitcoin despite its recent rebound. Meanwhile, the broader market remains divided as investors assess whether the current correction is approaching a durable bottom or whether additional downside could still emerge.

Also Read: South Korea Firms Question OUSD Consortium Membership After Surprise Listing

The post Peter Schiff Says Bitcoin Bottom Is Zero as Bearish Prediction Returns appeared first on 36Crypto.