Bitcoin Falls Below $59,000 As Bears Target Bottom Between $10,000 And $20,000

Bitcoin (CRYPTO: BTC) has fallen below $59,000 and critics warn that isn’t the bottom of the bear market.

Schiff Vs.

McGlone In an interview with Scott Melker on June 29, economist and Bitcoin critic Peter Schiff argued that BTC’s downside risk remains significant.

He citetend weakening sentiment around Strategy (NASDAQ: MSTR ), its preferred stock STRC (NASDAQ: STRC ), and broader institutional exposure to Bitcoin.

Schiff said Bitcoin could fall toward the $20,000-$30,000 range, adding that a break below the recent $58,000-$59,000 support zone could open the door to a sharper move lower.

He also said Strategy’s shift from being a major BTC buyer to potentially selling Bitcoin for reserves, dividends, interest payments and buybacks removes a key source of market support. “The biggest buyer becomes the biggest seller,” Schiff said, warning that the market may struggle to absorb that shift.

Schiff said Strategy’s BTC monetization framework marks a major change in market psychology, as investors had previously viewed Saylor as a persistent source of Bitcoin demand.

However, market commentator Dave Weisberger pushed back on the idea that Strategy is being forced into a Bitcoin sale, arguing that the broader question is whether Bitcoin still has long-term monetary value.

Weisberger said Bitcoin is trading like “an option on its own adoption,” adding that network metrics suggest it looks cheap if investors believe in its long-term role as a store of value.

Bloomberg Intelligence’s Mike McGlone presented an even more bearish scenario, saying Bitcoin could face a path toward $10,000 if broader risk assets weaken in the second half of the year.

McGlone argued that Bitcoin, gold and commodities could all remain vulnerable if volatility rises and the stock market begins to roll over.

Macro Backdrop The experts panel also debated whether the Federal Reserve will actually follow through with rate hikes.

Schiff argued that the Fed is unlikely to meaningfully fight inflation because doing so would risk crashing stocks, real estate and the broader economy.

He said real interest rates are likely to decline even if nominal rates rise, which he believes remains bullish for gold.

McGlone disagreed, saying gold, silver and other commodities may have already peaked for the cycle and could remain under pressure if stocks weaken.

Image: Shutterstock