Longtime crypto critic Peter Schiff recently answered a question during a discussion on X about the price level that would indicate Bitcoin has finally bottomed out.
In his characteristic manner, Mr. Schiff answered “0,” reinforcing his long-standing skepticism about digital assets. Bitcoin recently fell to a 21-month low as the prospect of rising interest rates and concerns about Strategy, the token’s biggest buyer, weighed on prices.
0
— Peter Schiff (@PeterSchiff) July 3, 2026
BTC fell to a low of $57,717 on July 1st, its lowest price since September 17th, 2024. It has since rebounded and was trading at $62,463, up 1.18% in the past 24 hours.
Bitcoin’s decline is forcing crypto veterans to confront the ultimate question of bear markets: When will prices reach bottom? A bottom refers to an inflection point where panic selling ultimately creates an opportunity for bulk buying.
When will the Bitcoin price bottom?
Bitcoin is down nearly 51% from last year’s all-time high of $126,198, with a growing number of market analysts saying the cryptocurrency is entering the zone where past price declines have finally bottomed out. The problem is that these bottoms traditionally take months to form, and most traders have already given up.
Schiff’s “0” answer to when the Bitcoin price will eventually reach its bottom could mean a number of things. The longtime crypto critic has frequently repeated his predictions of Bitcoin’s collapse, at one point saying the market price would drop to zero. Mr. Schiff may be responding in this context.
Also, the fact that there was no dollar sign in his “0” answer may mean that is not the technical price level Schiff was referring to. His stance may lean toward the idea that Bitcoin’s downside could continue indefinitely.
Schiff recently said he expects the price of Bitcoin to eventually fall to $1,000. His comments came after Citigroup lowered its 12-month Bitcoin target from $112,000 to $82,000. Bitcoin continues to prove the naysayers wrong in its 17 years of existence.
