'It's a Trap Door': Peter Schiff Issues New Bitcoin Collapse Warning

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. In a recent interaction on X, longtime cryptocurrency critic Peter Schiff warns that the $60,000 level might not be the ultimate price floor for Bitcoin price , referring to it as a "trap door". Advertisement This is in contrast to the widely held view that $60,000 might be the ultimate price floor in this current cycle and that Bitcoin may not drop below this level, cushioned by institutional investment. Bitcoin reached a low of $60,000 on February 6 and has since held up above this level, even up to the present, leading some to believe that a floor might have been reached. HOT Stories Bitcoin (BTC), Hyperliquid (HYPE), Zcash (ZEC), Dogecoin (DOGE) and Ethereum (ETH) Price Analysis for May 23: Fundamental Shift in Investors' Sentiment Fidelity: Bitcoin in Early Bull Market An X user brought this fact to Schiff's notice, saying, "$60,000 is the floor sir." Schiff, in his usual characteristic manner, waved this off while using the chance to double down on his bearish outlook for Bitcoin, saying, "It's likely a trap door that Bitcoin will fall through." Advertisement It's likely a trap door that Bitcoin will fall through. It's a long way down. — Peter Schiff (@PeterSchiff) May 23, 2026 "It's a long way down," Schiff said, hinting at further downside for Bitcoin's price. You Might Also Like Sun, 04/26/2026 - 07:43 Peter Schiff Warns of Strategy 'Death Spiral' By Alex Dovbnya Advertisement At a current price of $74,720, Bitcoin is up nearly 25% from the low of $60,000 reached on February 6, with analysts suggesting potential consolidation ahead of the next major move. Bitcoin short-term price action Bitcoin surpassed $82,000 in a few attempts in May, rising above the True Market Mean at $78,300 but failing to sustain above it. Previous cycles suggest weeks to months of consolidation around this level might be needed before a credible bull market transition can be confirmed. You Might Also Like Fri, 05/22/2026 - 11:35 Happy Bitcoin Pizza Day: 10,000 BTC Deal That Made Crypto History in Spotlight By Tomiwabold Olajide Below here, the cost basis of investors who accumulated during the February to April consolidation period, now classified as 1-month to 3-month holders, sits near $71,400, representing the most probable near-term support level. The 30-day cost basis at $78,200 has flipped from support to overhead resistance, while the cost basis at $71,400 now represents the most immediate support floor for the current pullback. At the time of writing, BTC was down 3.29% in the last 24 hours to $74,720 as the crypto market saw a sudden drop early Saturday. #Peter Schiff #Bitcoin #Bitcoin Price