Peter Schiff is back with his most dire Bitcoin prediction yet: a crash to $20,000 — a 70% drop from current levels. The longtime gold advocate says holders will regret not selling, and he's zeroed in on Michael Saylor's Strategy (formerly MicroStrategy) as a key reason why. The company hasn't bought Bitcoin for three consecutive weeks and actually sold 3,588 BTC last week, a move that Schiff argues has trapped Saylor in a corner.
Schiff's case for a $20,000 Bitcoin
Speaking this week, Schiff identified resistance near $65,000 and support around $58,000, with a potential drop below $50,000. He admits he should have bought Bitcoin 15 years ago but says he doesn't regret missing the last five years. His central thesis: the market already anticipates that Saylor can't sell without crashing the price, so the selling pressure is already priced in — and that pressure will only grow.
Strategy's awkward position
Strategy raised $450 million through a common stock sale last week, boosting its cash reserves to $3 billion. But it didn't use any of that cash to buy Bitcoin — a break from its usual pattern. Instead, it sold 3,588 BTC, the first notable sell-off in a while. Schiff argues that Saylor is trapped: if he sells more, the price drops; if he doesn't, the market assumes he's stuck. Either way, Schiff says, the outlook is grim.
Analysts take a second look at corporate Bitcoin accumulation
Strategy's pause and small sale have prompted analysts to reassess the corporate Bitcoin accumulation model. For years, the playbook was simple: borrow or sell equity, buy Bitcoin, watch the stock rise. But with Bitcoin trading just under $65,000 — up nearly 5% in the last week — the model is showing cracks. The company's decision to sell rather than buy, even with a fresh $450 million in hand, raises questions about whether the strategy is sustainable.
Bitcoin is still up on the week, but Schiff's warning adds a layer of uncertainty. The next big test: whether Strategy resumes buying or continues to trim its position. That decision could set the tone for the broader market in the weeks ahead.
