'Bottom Fishers' Lift Bitcoin Above 2026 Low but Schiff Warns the Worst May Still Be Ahead

‘Bottom Fishers’ Lift Bitcoin Above 2026 Low but Schiff Warns the Worst May Still Be Ahead

Key Takeaways

Crypto Black Monday

Bitcoin’s decline has handed gold bull Peter Schiff plenty of ammunition to keep pressing his case, as the leading crypto asset has fallen roughly 24% over the past month. BTC traded above the $126,000 threshold eight months ago on Oct. 6, 2025, and today changes hands about 52% below that peak. Of course, Schiff has spent years challenging bitcoin’s value proposition and questioning its long-term viability.

This week, on Friday, Schiff escalated his criticism by warning that the digital asset market could be headed for a “ Crypto Black Monday.” “ Bitcoin broke $60K, taking out the low from Feb. 2025,” Schiff wrote on X. “At just below $59,750, bitcoin was at its lowest since Oct. 2024, wiping out all of its post-Trump-election gains. Bottom fishers sent the price back above $61K.”

Schiff continued:

“If today’s low is taken out, prepare for a Crypto Black Monday.”

Schiff also published a poll on X, and at the time of writing, more than 15,700 accounts had cast their votes. The question asked, “How low does bitcoin’s price have to fall before you bitcoiners concede that I’ve been right all along?”

Image source: Screenshot of Schiff’s X post at 9 a.m. EDT on June 7, 2026.

Respondents could choose from four options: $20,000, $10,000, $1,000, or zero. The $20,000 option captured 18.7% of the vote, while the $10,000 choice attracted 8.3%. Meanwhile, the $1,000 selection accounted for 13.9% of responses. Zero, by contrast, dominated the poll with 59% of participants selecting that answer. As of 9 a.m. EDT on Sunday, the poll still has two more hours, but the numbers have remained consistently the same since Saturday.

‘Have Fun Being Poor’

Yet before the poll had even wrapped up, Schiff replied to the X post, writing: “Even $20,000 bitcoin is low enough to bankrupt MSTR. Yet most of you won’t even concede that I was right if bitcoin falls to $1,000. Think about that! You guys will all be broke, but still think you were right all along. Have fun being poor.”

‘We Never Even Had a Bull Run’

Despite the heavy selling pressure and sentiment levels that have fallen to depths not seen since the collapse of FTX in 2022, a sizable contingent of bitcoiners remains convinced that the next bullish chapter bitcoin has so often delivered is still waiting just ahead. On Saturday, the X account BTC Therapist argued: “We are quite literally at the absolute bottom of what should be possible, and there is objectively $500,000 of opportunity above us. Fair value according to this model is $165,000.”

BTC Therapist added:

“When bitcoiners say we are undervalued this is what we mean. We never even had a bull run.”

Several others share this optimistic outlook. “The last 5 times bitcoin RSI hit this low, bitcoin went up 100%. $140,000 incoming,” the social media account Bitcoin Teddy wrote to its 94,500 followers. These assertions arrive as BTC currently changes hands at a level roughly $150,000 below the valuation implied by Bitwise Europe’s sovereign default model.

What to Look Out for From Here

The key level to watch is whether bitcoin can hold above the 2026 low. A break below it would give bears the cleaner technical setup they have been pointing to, and it would also drag the conversation around Strategy’s balance sheet back into focus. Schiff has already noted that $20,000 would be enough to push the company toward serious financial strain, and more traders are beginning to price that scenario into their risk calculations after the company sold 32 BTC.

On the other side, the RSI readings and model-implied valuations that bulls are citing are worth tracking, not because they guarantee a reversal, but because they mark the conditions under which previous recoveries began. Many calls are still aggressive, but they reflect a consistent pattern among long-term holders who have treated every deep drawdown as a delayed “generational” entry point.

Whether this one proves different from the past tape is the question the next several weeks will answer.