Schiff Reveals Single Reason for $1 Million Bitcoin

It seems that the future of a major cryptocurrency is looking less optimistic, at least according to its longtime critic Peter Schiff. Recently, Schiff outlined a scenario that could see the cryptocurrency drop to the $15,000-$20,000 range.

In a recent post, Schiff pointed to what he characterizes as a troubling chart pattern known as a “triple top,” which he believes signals an impending decline. He suggests that, at the very least, the price may test an upward trend line around $42,000, but he is skeptical that it will remain there for long. Instead, Schiff believes that the cryptocurrency is more likely to retest longer-term support levels that hover around $20,000.

Schiff also issued a stark counterpoint to the more optimistic outlook presented by Michael Saylor, a key supporter of Bitcoin. His comment serves as a direct challenge to Saylor’s bullish stance, advising him to “look out below.”

Saylor has invested heavily in Bitcoin on behalf of his company and has been a prominent advocate for viewing Bitcoin as a long-term store of value.

### Schiff’s $1 Million Bitcoin Vision

Interestingly, Schiff acknowledged that Bitcoin could someday reach the ambitious price of $1 million, a target championed by several of the cryptocurrency’s staunch supporters. When a follower suggested celebrating in Puerto Rico if Bitcoin reached that milestone, Schiff quipped that such a development would only be plausible if a drink there also cost $1 million.

This playful response underscores Schiff’s deep skepticism regarding such lofty projections, reinforcing his belief that these extreme price forecasts are grounded in highly unlikely scenarios.