Peter Schiff Says $60K Bitcoin Price Floor Could Be a “Trap Door”

Veteran gold advocate and longtime Bitcoin critic Peter Schiff has once again shared a bearish outlook on Bitcoin, warning investors that the widely discussed $60,000 support level may not hold. In a recent exchange on X, Schiff dismissed claims that Bitcoin had found a strong bottom at $60K, describing the level as a potential “trap door” for further downside.

The discussion started after an X user confidently stated that “$60,000 is the floor” for Bitcoin in the current market cycle. Many crypto investors believe institutional demand and continued ETF inflows could prevent BTC from falling below that level. Bitcoin briefly touched $60,000 on February 6 and has remained above it since then, strengthening the belief that the market may have already formed a long-term bottom.

Schiff, however, rejected that argument and doubled down on his negative Bitcoin price prediction. Responding to the user, he stated that Bitcoin could easily break below the $60K support zone and warned that “it’s a long way down” if that happens.

Despite Schiff’s comments, Bitcoin has shown resilience in recent weeks. At the time of writing, BTC was trading near $74,720, representing a gain of almost 25% from its February low. Analysts say the market could now enter a consolidation phase before the next major breakout attempt.

Bitcoin recently climbed above $82,000 several times in May and briefly moved over the True Market Mean level of $78,300. However, bulls failed to maintain momentum above that resistance zone. Historical market cycles suggest that Bitcoin may need several weeks or even months of sideways movement before confirming a stronger bullish trend.

Market analysts also point to $71,400 as a key short-term support level. This area represents the average cost basis of investors who accumulated BTC during the February-to-April consolidation period. Meanwhile, the $78,200 zone has now turned into overhead resistance after previously acting as support.

The crypto market experienced a sudden pullback early Saturday, pushing Bitcoin down 3.29% over the past 24 hours. Even so, traders continue watching whether BTC can hold above critical support levels as volatility remains high across the digital asset market.