Peter Schiff, a long-standing critic of the cryptocurrency market, has argued that the $60,000 mark does not represent solid support for Bitcoin. Weighing in on a debate on X, Schiff claimed the $60,000 price level could serve as a “trap door,” warning that Bitcoin may gain downward momentum if it falls below this threshold.
Price movement and support levels
Bitcoin slipped as low as $60,000 on February 6, but has largely maintained its value since then. The number of investors convinced that $60,000 is the bottom is growing, mainly thanks to ongoing institutional interest. However, Schiff has opposed this optimism, stressing that downside risks remain significant.
Peter Schiff argued that Bitcoin could fail to rise further and enter a new downward spiral below $60,000, cautioning that “there’s a long way down” if support fails.
After a month-long upward trend, Bitcoin surged 25 percent from its February low, reaching $74,720. According to the latest CryptoAppsy data, BTC price slipped by 3.29 percent over the past 24 hours, now sitting at $74,720.
Market consolidation and critical levels
In May, BTC tested the $82,000 mark multiple times but failed to secure a stable position above it. The cryptocurrency also struggled to hold over the “true market mean” at $78,300. Analysts note that the current price movements indicate a likely consolidation phase—potentially lasting weeks or months—before another major bull run begins.
Glossary: The True Market Mean is a special indicator reflecting the aggregate trading behavior in cryptocurrencies, calculated using trading volume and the number of active addresses. Analysts use this level to monitor key long-term support and resistance.
Investors who accumulated BTC during the February-April consolidation now have an average entry cost of around $71,400. These holders are now considered the main short-term support. The 30-day average cost, formerly seen as support at $78,200, has now turned into resistance following the recent moves. The $71,400 mark is currently the nearest support in the ongoing correction.
| Level | Feature |
|---|---|
| $82,000 | Recently tested peak |
| $78,300 | True Market Mean |
| $74,720 | Current BTC price |
| $71,400 | Short-term support and investor cost basis |
| $60,000 | Potentially risky support level |
Market sentiment and expectations
Although many in the market view $60,000 as a strong support base, a series of recent corrections suggests that this confidence may be fragile. Analysts expect the consolidation phase to continue, highlighting $71,400 as the critical short-term support for now.
Price fluctuations are being fueled by both institutional demand and individual investor activity, though volatility still looms large. Schiff’s warnings, in particular, have heightened market anxiety in recent days.
