In a recent interaction on
This contrasts with the widely held view that $60,000 could be the ultimate price floor in the current cycle and that Bitcoin could not go below this level, cushioned by institutional investments.
Bitcoin hit a low of $60,000 on February 6 and has since held above that level even until now, suggesting that a bottom may have been reached.
An X user pointed this out to Schiff, saying, “$60,000 is the floor, sir.” Schiff, in his usual fashion, brushed this aside while taking the opportunity to double down on his bearish outlook for Bitcoin, saying: “This is probably a trapdoor that Bitcoin will fall through.”
This is likely a trapdoor 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 a further decline in Bitcoin’s price.
At the current price of $74,720, Bitcoin is up almost 25% from the low of $60,000 hit on February 6, with analysts suggesting potential consolidation ahead of the next major move.
Short-Term Bitcoin Price Action
Bitcoin surpassed $82,000 on a few attempts in May, surpassing the actual market average at $78,300, but failing to surpass it. Previous cycles suggest that weeks or even months of consolidation around this level may be required before a credible bullish transition can be confirmed.
Below, the cost basis for investors who accumulated during the February-April consolidation period, now classified as 1-3 month holders, sits near $71,400, representing the most likely near-term support level.
The 30-day cost base at $78,200 has moved from support to overhead resistance, while the cost base at $71,400 now represents the most immediate support floor for the current pullback.
At the time of writing, BTC was down 3.29% over the past 24 hours at $74,720 as the crypto market saw a sudden decline early on Saturday.