Peter Schiff Says Bitcoin Could Revisit 2022 Low if $50,000 Breaks

Peter Schiff said a break below $50,000 could quicken Bitcoin’s decline toward its 2022 low below $16,500, laying out a deeper downside scenario in remarks dated Nov. 14.

Schiff described the $50,000 level as the point after which Bitcoin’s downward momentum could accelerate. He said the cryptocurrency could then move quickly toward the 2022 low, which he placed below $16,500. He said he would not be surprised by a return to that level before year-end.

He also assessed that such a move would leave Strategy (MSTR) finished. His remarks describe a conditional scenario tied to Bitcoin’s price, rather than an event he said had already occurred.

The comments add a lower downside level to Schiff’s recent Bitcoin outlook. In an earlier outlook, he put a possible cycle low near $59,517, and he has also warned of a possible washout. The latest remarks set out a possible return to a 2022 low below $16,500 before year-end.