Bitcoin (BTC) could plunge to $20,000 — an 84% decline from its all-time high of $126,000 reached in Oct. 2025 — if the cryptocurrency fails to hold the $50,000 support level, vocal critic Peter Schiff warned, urging investors to sell immediately.
What Happened: Schiff Predicts 84% Drop
Schiff, a long-time skeptic of the largest cryptocurrency, argued that a break below $50,000 now appears likely and would set up a test of the $20,000 level. He pointed to the unprecedented combination of leverage, institutional ownership, and market capitalization at stake in the current cycle as reasons this downturn could be more severe than previous ones.
"Every time Bitcoin makes a new high, pumpers say that kind of volatility is a thing of the past," Schiff wrote. "Then, after the crash, they say, 'Well, that's just how Bitcoin works.'"
Earlier this month, Schiff highlighted unrealized losses at Michael Saylor's Strategy as evidence the sell-off had further to run. He has also questioned BTC's viability as a reserve asset for central banks, citing its volatility, and expressed doubts about the staying power of institutional interest in the cryptocurrency.
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Why It Matters: ETF Outflows Accelerate
The warning comes as Bitcoin spot ETFs recorded a third straight day of net outflows, with $165.76 million leaving the funds on Feb. 19. BlackRock's IBIT accounted for nearly all of it at $164.06 million.
BTC fell another 2% on the day but held the $67,000 level as initial jobless claims came in lower than expected. Glassnode published analysis showing the cryptocurrency faces a critical test at $70,000, with every attempt to reclaim that level since early February met by demand exhaustion. Low liquidity, the firm said, makes it difficult to push back into the $70,000-to-$80,000 range.
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