Peter Schiff Predicted Bitcoin to fall below $16,500 and Warned about Risks for Strategy

• Peter Schiff expects Bitcoin’s decline to accelerate after it breaks below $50,000, and he allows for a retest of the 2022 low below $16,500.
• The economist said Strategy may face the need to sell MSTR shares or bitcoin to support the price of STRC preferred securities.
• Amid Bitcoin’s correction, with it trading near $67,000, Schiff urged investors to pay attention to gold.

Economist and long-time Bitcoin critic Peter Schiff published a series of posts on X in which he predicted a further decline in the leading cryptocurrency and warned about risks for Strategy. In his view, after breaking the $50,000 mark, the sell-off could accelerate, and the asset could return to levels below $16,500 seen in 2022. 

At the time of writing, bitcoin was trading near $67,000, according to TradingView.

Schiff Expects the Bearish Trend to Continue

According to the economist’s comments, Bitcoin’s 22% drop over the past seven weeks has not yet been accompanied by signs of panic selling or a broad investor capitulation that could indicate a local bottom is forming.

“The Bitcoin collapse is gathering steam. I expect the momentum to pick up once Bitcoin breaks $50K. In fact, once it does, it could be a quick trip to the 2022 low below $16.5K. I wouldn’t be surprised to see a retest of that level before year-end,” Schiff wrote.