Today, the leading cryptocurrency fell below the $66K level for the first time in a long while. We explain what is happening and what analysts think.
Well-known bitcoin critic and Euro Pacific Capital head Peter Schiff has stated that the market is still far from the bottom due to investors’ excessive calm. In his view, when BTC▼$61,228.00 breaks through $50K, it will quickly crash below $20K, finally forcing long-term holders to capitulate.
Hot topic: BTC Price Drops Below $67K as Analysts Debate Why Bitcoin Is Dropping
Contents
What the Crypto Community Thinks About Bitcoin’s Prospects
Schiff’s forecast sparked a wave of criticism on X. Many reminded Schiff that he has been regularly predicting Bitcoin’s (BTC) death for over a decade, since the asset was worth just a few thousand dollars.
“Peter Schiff has been predicting bitcoin’s death since $1,000 and still writes the same post, just with different numbers,” is a typical community response.
Other users emphasize that even a drop to $20K would not shake true long-term holders, as bitcoin’s value lies in its properties as a decentralized, censorship-resistant monetary network, not just price appreciation.
Read more: Crypto Liquidations Surge Near $1.8B as BTC Longs Get Crushed
What Is Happening in the Crypto Market on June 3
At the time of Schiff’s forecast, bitcoin was trading around $66K-$72K. At the time of publication, bitcoin trades at approximately $67,100. The asset has fallen 3.5% over the past 24 hours.
The Crypto Fear & Greed Index fell to 11 points—”extreme fear” territory, the lowest since early April. Analysts note that such extreme fear often precedes relief rallies.
Bitcoin is noticeably lagging behind the stock market. The S&P 500 and Nasdaq are hitting all-time highs amid the AI boom, while BTC remains in correction.
Experts expect that if the geopolitical situation stabilizes and the AI narrative weakens, liquidity may begin flowing into “catch-up” assets, where cryptocurrency has strong potential.
Learn more: Why Is Crypto Tanking Today? Bitcoin and Altcoins Enter Full Panic Mode
