- Peter Schiff predicts Bitcoin will breach the $60K support level on its way to $40K.
- The Schiffgold Chair says BTC will go downhill fast from that range, triggering a renewed rally in gold.
Peter Schiff, Chair of Schiffgold and resident crypto critic, believes Bitcoin (BTC) has yet to reach its bottom this cycle. The veteran gold trader projects the premier digital asset is gearing up to break under its critical support at $60K.
Bitcoin Crash to $40K
Schiff said that Bitcoin’s price falling to that level could signal a beeline to $40K. What’s more concerning, though, is that the numbers will not yet spell a bottom, and that it will coincide with the crash of tech stocks.
The founder of Schiffgold didn’t mention a specific target in his recent commentary. Still, he has consistently claimed in past statements that BTC will fail and go to zero, an assertion many crypto experts have debunked. They argued that it will never reach that level because Satoshi Nakamoto’s supply and several lost units will remain out of circulation indefinitely, thereby theoretically buffering the potential for a massive sell-side liquidity event.
Buy Gold, Dump Bitcoin and Crypto
Schiff advised dumping Bitcoin and crypto in favor of accumulating gold. Amid ongoing economic and geopolitical turmoil, he highlighted that precious metals, including silver, offer a viable inflation hedge.
Additionally, the veteran gold trader emphasized that the USA’s rapid money printing for war spending in Iran will increase budget deficits. The longer the conflict continues, the more gold will move to the upside. On the other hand, even if it ends, the reprieve will push the precious metal’s price by $400 to $500.
Nonetheless, Schiff thinks the tensions are generally more favorable to gold. Traders of the asset will likely hold and stop selling if it escalates, thus tightening the supply and raising demand.
A Buyer’s Remorse
US President Donald Trump’s win in the November 2024 election primarily drove Bitcoin’s and crypto’s last bull cycle. The event led to a series of all-time highs, culminating in a peak of $126,198.07 in October 2025.
However, Schiff stated investors are now having buyer’s remorse in BTC and other crypto assets. The scenario could fuel more gold-buying sprees.
The Schiffgold chair pointed out that Bitcoin is not the digital version of gold, since it moves in the opposite direction to the precious metal. He referred to BTC as “anti-gold,” a “market bellwether for tech and Nasdaq risk,” and not as a store of value.
Furthermore, Schiff called the recent dip in gold a short-term liquidity move instead of a change in trend. He considered it merely a knee-jerk reaction to US Federal Reserve chatter, particularly on rate cuts, rather than a fundamentally driven case.
As of Sunday, Tether Gold (XAUT), a token backed 1:1 by physical gold, continued trading sideways around $4,600, hinting at an accumulation phase.
Disclaimer: The compiled data, analysis, and commentary featured in this article are only for informational purposes. They do not constitute financial advice or a product recommendation from the author or the Blockzeit team.
