- Peter Schiff says a break below $50K could send Bitcoin quickly under $20K.
- Whales and sharks sold 24,602 BTC, while micro wallets added only 61 BTC.
- CryptoQuant says monthly demand is contracting by 232,000 BTC as conviction fades.
Peter Schiff has renewed his bleak call on Bitcoin, warning that a break below $50,000 could trigger a rapid slide to $20,000 or lower. The warning came as BTC traded near $67,000 at press time, down more than 4% in 24 hours and over 14% in 30 days.
The selloff has shifted attention to on-chain distribution. Santiment data showed Bitcoin down 13% over the past week, while wallets holding 10 to 10,000 BTC sold 24,602 coins.
Schiff Warns $50K Break Could Trigger A Faster Bitcoin Slide
Schiff said the issue was not only the decline but also the mood around the asset. He argued that there was “way too much complacency” for the market to be near a bottom.
“When Bitcoin breaks $50K, it should be a quick fall below $20K,” Schiff posted on X. He said such a move could force many long-term holders to “finally throw in the towel.”
Schiff also questioned whether a crypto crash would hit wider risk assets or remain limited to digital assets. Either outcome, he said, could push investors toward value and safety.
Whales Dump $1.65B In BTC As Retail Demand Barely Moves
Notably, Santiment’s figures showed a sharp imbalance between large-holder selling and small-wallet buying. Per the report, whales and sharks sold 24,602 BTC, while micro traders holding less than 0.01 BTC added only 61 coins.
At about $67,000, large-holder sales were worth roughly $1.65 billion. Micro-wallet accumulation was worth around $4.1 million.
That means smaller wallets absorbed less than 0.3% of the supply sold by larger holders. The gap showed retail demand was too thin to offset whale distribution.
CoinGecko data showed BTC moving between $65,707 and $69,483 over 24 hours. Its seven-day range stretched from $65,748 to $75,808.
Weakening Bitcoin Demand Deepens The Market’s Slow Bleed
Meanwhile, some market figures rejected Schiff’s view that a $20,000 move would break conviction. Crypto commentator Alex Marzell said such a drop would only test his available cash. He argued that the lower Bitcoin falls, the more interested he becomes in buying.
CryptoQuant research head Julio Moreno also acknowledged demand was contracting by 232,000 BTC monthly. Bitfinex described the market as entering a slow bleed, driven by distribution.
Related: Bitcoin Falls Below $68,000, $326 Million Liquidated in 1 Hour
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