Bitcoin Falls Below $59,000 As Bears Target Bottom Between $10,000 And $20,000

Bitcoin (CRYPTO: BTC) has fallen below $59,000 and critics warn that isn’t the bottom of the bear market.

Schiff Vs. McGlone

In an interview with Scott Melker on June 29, economist and Bitcoin critic Peter Schiff argued that BTC’s downside risk remains significant.

Schiff said Bitcoin could fall toward the $20,000-$30,000 range, adding that a break below the recent $58,000-$59,000 support zone could open the door to a sharper move lower.

He also said Strategy’s shift from being a major BTC buyer to potentially selling Bitcoin for reserves, dividends, interest payments and buybacks removes a key source of market support.