Schiff Reveals Only Reason for $1 Million Bitcoin

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It looks like Bitcoin's future is heading down a less optimistic path - at least according to its longtime critic Peter Schiff, as he recently outlined a scenario that could push the major cryptocurrency down to the $15,000-$20,000 range.

In a recent X post, Schiff highlighted what he sees as a concerning chart pattern, describing it as a "triple top," a formation that he believes signals a potential decline. This suggests that, "at minimum," it may fall to the upward trend line at around $42,000 may and not even hold for long there. Schiff thinks it is more likely that Bitcoin will retest the longer-term support levels at around $20,000.

In his warning, the cryptocurrency critic also issued a grim counterpoint to the optimistic perspective of Michael Saylor, as Schiff's comment signals a direct challenge to Saylor's bullish stance, cautioning him to "look out below."

Having invested heavily in Bitcoin on behalf of his company, Saylor has been a key figure pushing the narrative of Bitcoin as a long-term store of value.

$1 million for Bitcoin: Schiff's vision

What is more interesting is Schiff's view that Bitcoin could one day reach $1 million, a target championed by some of the cryptocurrency's most vocal supporters. When asked by a follower to celebrate in Puerto Rico if BTC hit that mark, Schiff  responded that such an event would only be possible if a drink there also cost $1 million. 

This response, though lighthearted, further reflects Schiff's deep skepticism of such radical projections, reinforcing his belief that these extreme price forecasts rest on highly unlikely conditions.