Although Bitcoin's current trading price has dropped more than 50% from its all-time high of $126,000 set last October, gold supporter Peter Schiff remains convinced that the asset still has significant room for decline. This weekend, Schiff launched a poll asking: "How low must Bitcoin's price fall before you Bitcoin supporters will admit I've always been right?" Among more than 15,700 valid votes, "zero" was overwhelmingly the most common answer.
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Key Takeaways
- Key points:
- With Bitcoin plunging about 24% over the past month, Peter Schiff has warned of a "crypto Black Monday."
- In a vote on Schiff's X platform, 59% of over 15,700 participants said they would only admit they were right when Bitcoin fell to zero.
- Bulls cited the Relative Strength Index (RSI) level and a model target near $165,000, viewing the 2026 low as a key support level.
Cryptocurrency Black Monday
Bitcoin's decline has provided gold bull Peter Schiff with ample arguments to maintain his view—this leading crypto asset has dropped about 24% over the past month. Eight months ago, on October 6, 2025, Bitcoin stood above the $126,000 mark, but now its trading price has dropped about 52% from that peak. Of course, Schiff has questioned Bitcoin's value proposition and its long-term viability for years.
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This Friday, Schiff further intensified his criticism, warning that the digital asset market may be heading toward a "Crypto Black Monday." "Bitcoin has fallen below $60,000, falling below the February 2025 low," Schiff wrote on the X platform. "Below $59,750, Bitcoin hit its lowest point since October 2024, erasing all gains since Trump's election. Bottom-fishers pushed the price back above $61,000. Schiff continued:
"If today's low is broken, be prepared for a 'crypto Black Monday.'"
Schiff also posted a poll on the X platform, and as of press time, more than 15,700 accounts had participated. The question is: "How low must Bitcoin's price fall for you Bitcoin supporters to admit I've always been right?" ”
Image source: Screenshot from a ShifeiX platform post at 9:00 AM Eastern Daylight Time on June 7, 2026.
Participants could choose from four options: $20,000, $10,000, $1,000, or zero. The $20,000 option received 18.7% of the votes, while the $10,000 option received 8.3%. Meanwhile, the $1,000 option accounted for 13.9%. In contrast, the "zero" option dominated the vote, with 59% of participants choosing it. As of 9 a.m. Eastern Daylight Time on Sunday, the vote had two hours to go, but the data had remained unchanged since Saturday.
"Finding joy in poverty"
However, before the vote ended, Schiff replied to the X platform post, writing: "Even if Bitcoin falls to $20,000, it would be enough to bankrupt MSTR. But even if Bitcoin drops to $1,000, most of you still refuse to admit I'm right. Think about it! You will all go bankrupt, yet still believe you have always been right. Wishing you happiness and poverty. ”
"We have never even experienced a bull market"
Despite facing massive selling pressure and market sentiment falling to a low not seen since the FTX collapse in 2022, a significant portion of Bitcoin holders still firmly believe that the next bull market repeatedly shown by Bitcoin is just around the corner. On Saturday, X platform account BTC Therapist noted: "We have indeed reached the theoretical absolute bottom, and objectively, there is still $500,000 upside down. According to the model, the fair value should be $165,000." BTC Therapist added:
"When Bitcoin enthusiasts say we are undervalued, they mean this. We have never even experienced a real bull market. ”
Several others also hold this optimistic outlook. "In the past five times Bitcoin's RSI has fallen to such a low level, Bitcoin has risen 100%. $140,000 is coming," wrote social media account Bitcoin Teddy to his 94,500 followers. These assertions come at a time when Bitcoin is currently trading about $150,000 below the valuation estimated by Bitwise Europe's sovereign default model.
What should we watch next?
The key point to watch is whether Bitcoin can hold above the 2026 low. If it falls below this level, it would provide bears with a clearer technical pattern they've been hoping for, and could also refocus discussions around Strategy's balance sheet. Schiffei has previously pointed out that the $20,000 price level alone is enough to put the company under severe financial pressure, and after selling 32 Bitcoins, more and more traders have begun to factor this scenario into their risk calculations.
On the other hand, the RSI readings cited by bulls and model-based valuations are equally noteworthy, not because they guarantee a reversal, but because they mark the market conditions seen when previous rallies began. Although many bullish views remain aggressive, they reflect a common trait among long-term holders—who view every deep pullback as a delayed "generational" entry point. The coming weeks will reveal the answer: will this rally differ from previous trends?