Bitcoin under pressure as Schiff warns of “Black Monday”
Bitcoin price is trading above the 2026 low after a sharp pullback, but Peter Schiff says the worst may still be ahead. BTC is down about 24% over the past month and remains roughly 52% below its Oct. 6, 2025 all-time peak above $126,000.
Schiff warned on X that if the current local low is broken, markets could face a “Crypto Black Monday.” He pointed to BTC falling to just under ~$59,750 (lowest since Oct. 2024) before “bottom fishers” pushed it back above ~$61,000.
In Schiff’s X poll (15,700+ votes), respondents were asked how low Bitcoin must fall before admitting he was right. “Zero” won decisively (59%), with other options at $20,000 (18.7%), $1,000 (13.9%), and $10,000 (8.3%). Schiff also argued that even $20,000 could strain major Bitcoin holders like Strategy.
Bulls remain active despite bearish sentiment. Traders cited oversold RSI conditions and model targets around $165,000, with the 2026 low described as the key support level. Other accounts warned that “we never even had a bull run,” and referenced historical RSI bottoms followed by large rebounds.
For traders, the next trigger is whether Bitcoin holds above the 2026 low (around $59.1K). A breakdown would likely reinforce bearish momentum and refocus attention on BTC-linked balance-sheet risk. If BTC holds, oversold bounce setups could attract dip-buyers, but the reversal case still depends on follow-through in the coming weeks.
Bearish
The article is fundamentally a Bitcoin downside-versus-bounce setup. Schiff frames the move as the start of a potential deeper selloff (“Crypto Black Monday”) and highlights a critical technical line: the 2026 low around ~$59.1K. His poll results (59% choosing “zero”) show that outright capitulation narratives still dominate retail sentiment, which often coincides with volatility expansion.
However, the market is also showing oversold bounce mechanics: bulls cite RSI exhaustion and model-implied values near $165,000, suggesting prior recoveries began from similar drawdowns. Historically, when BTC trades near major prior lows, traders often see two phases: (1) a breakdown attempt that triggers stop-losses and increases correlation selling; (2) if price holds, mean-reversion rallies driven by short-term oversold indicators.
Given Schiff’s explicit conditional warning (“if today’s low is taken out”), the near-term bias for traders is bearish while price remains vulnerable below/around the 2026 low. Short-term, a clean break likely accelerates downside and raises liquidation risk. Long-term, the existence of aggressive bull targets could cap further downside if BTC stabilizes, but confirmation would likely require follow-through beyond a single oversold bounce.