Economist and gold bug Peter Schiff has been vocal about bitcoin on social media platform X this week. On Friday, he noted that bitcoin had traded as low as $53,550, reflecting a 27.5% drop from its record high in U.S. dollars and a 38.5% drop when priced in gold. Schiff cautioned:

This bear market is a long way from over.

He shared a bitcoin price chart, emphasizing that BTC is “at critical support,” and stressed that if it doesn’t hold, the price could drop significantly. “If it doesn’t hold, look out below. It’s a long way down,” he warned.

On Saturday, Schiff attributed the bitcoin decline partly to Mt. Gox repayment-related sales but argued that it also exposed “the myth of institutional demand.” He stated: “If such demand really did exist, buyers would jump at the chance to buy the Mt. Gox Bitcoin off market.”

Schiff also commented on spot bitcoin exchange-traded funds (ETFs), suggesting that while bitcoin ETF buyers are still holding, there is no sign of panic yet. “Based on trading activity it looks like bitcoin ETF buyers are still HODLing. So far there’s no sign of panic. It will likely take a much larger drop in bitcoin before they finally capitulate. That may come as soon as next week, especially after another big selloff this weekend,” he opined on X Friday.

The gold advocate didn’t limit his bearish predictions to bitcoin; he also forecasted a price drop for ether (ETH). On Friday, he noted: “Ethereum is also breaking key support. It’s trading below $2,900, down 30% from its March high.” He concluded:

I think a crash down to $1,500 is coming. It looks like those buying the ether ETF rumors couldn’t wait for the fact to sell.

At the time of writing, bitcoin is trading at $57,028, while ether is at $3,015.

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