Peter Schiff Says Bitcoin Could Drop Further as Crypto Market Weakens

Highlights:

• Peter Schiff warned that Bitcoin may face more downside after finding short-term support near $61,000.
• Schiff said the charts for Ethereum and Solana look weaker, as broader crypto sentiment remains fragile.
• Bitcoin rebounded after heavy liquidations, but ETF outflows and macro worries still pressure markets.

Bitcoin critic Peter Schiff has again warned that Bitcoin may face more downside after the world’s largest cryptocurrency dropped sharply on Thursday. In a series of posts on X, Schiff said Bitcoin had found short-term support near $61,000, but he argued that the broader crypto market still looked weak.

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Schiff said Bitcoin “found some short-term support around $61,000,” adding that this level was slightly above the February low of just under $60,000. The latest comments indicate that Schiff still views Bitcoin as risky in weak market conditions. 

Bitcoin found some short-term support around $61,000. That's slightly above the February low of just under $60,000. It makes sense that there would be some initial support there. So far it's bounced over $2,000 off that low. Let's see how long it lasts.

— Peter Schiff (@PeterSchiff) June 4, 2026

Schiff Warns BTC Is Moving Like a Risk Asset

In another post, Schiff said Bitcoin’s chart looked bad, but other major cryptocurrencies looked even worse. He pointed to Ethereum and Solana as examples of weaker charts. He wrote that the “Ethereum chart looks worse” and that the Solana chart looks worse than Ethereum’s.

His warning came as Ethereum also dropped sharply during the day. Market data showed Ethereum trading near $1,750, down about 7% in the past 24 hours. Bitcoin was trading near $62,800, down 5.8% over the same period.

Schiff also connected Bitcoin’s drop to weakness in technology stocks. He said the tech stock correction may have already begun, which could be bad for Bitcoin, as the recent tech rally had helped support its price.

It looks like the correction in tech stocks has finally begun. That's bad news for Bitcoin, as the tech rally was its main support. As tech stocks sell off, Bitcoin should crash. Gold will likely head in the opposite direction, as investors rush to buy a true safe-haven asset.

— Peter Schiff (@PeterSchiff) June 4, 2026

His view is that Bitcoin often behaves like a risk asset rather than a safe-haven asset. When investors sell growth and technology stocks, Bitcoin can also face selling pressure because many traders treat it as part of the same risk trade.

Schiff Sees Tether Gaining More Ground

Schiff also made a separate prediction about Tether. He said Tether’s market cap could soon surpass Ethereum’s and eventually Bitcoin’s. He did not provide a timeline for this prediction, but his comment highlighted the growing role of stablecoins in crypto.

The market cap of Tether will soon surpass the market cap of Ethereum. It will eventually surpass the market cap of Bitcoin too. The only question is how long it will take.

— Peter Schiff (@PeterSchiff) June 4, 2026

Stablecoins such as Tether are designed to track the value of traditional currencies, mainly the U.S. dollar. They are widely used by traders for payments, transfers, and cross-platform money movement. Schiff’s comment suggested that he sees more real demand for digital dollars than for speculative crypto assets.

Tether’s USDT currently has a market cap of about $187.3 billion. However, it is still far behind Bitcoin’s $1.26 trillion market cap and Ethereum’s nearly $212.7 billion market cap.

Bitcoin Rebounds After Heavy Liquidations

Bitcoin stayed under pressure on Thursday as traders moved away from risky assets. BTC touched an intraday low of $61,335 before recovering to around $63,000. But the total crypto market dipped to $2.21 trillion, according to CoinMarketCap data. Continued ETF outflows, profit-taking, macro worries, and fresh U.S. sanctions on Iranian crypto channels all added pressure to the market.

The sudden move triggered heavy liquidations across the market. According to CoinGlass, more than $764 million in Bitcoin positions were liquidated in 24 hours. Long traders took the biggest loss, with over $648 million in bullish positions wiped out.

Still, the strong bounce from the lows gave some traders hope that Bitcoin may have found short-term support. Trader RidaaXBT said BTC could move toward the $69,000–$70,000 range if the rebound continues. Analyst ZordXBT also pointed to Bitcoin’s long downside wick as a sign that buyers stepped in near the lower levels.

$BTC Now this is something you want to see near the bottom. A long wick to the downside with aggressive buy pressure
Funding turning negative.

That's the recipe that the whole market is selling and longs have full blown out of the market now.#btc #btcusdt #bitcoin pic.twitter.com/lEhSuH4WQE

— Zord (@ZordXBT) June 4, 2026

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