Peter Schiff Speaks Out Again: Bitcoin's "Real Support Level" May Be Only $10,000

Cryptocurrency markets are once again stirring waves. Veteran economist Peter Schiff shared his views on social media in mid-February, raising new doubts about Bitcoin’s long-term prospects. In his technical analysis, he pointed out that, from a long-term chart perspective, Bitcoin may have initial support at the $10,000 level, sparking widespread discussion in the market. More pointedly, Schiff harshly criticized MicroStrategy CEO Michael Saylor’s aggressive financing plans.

Market Status and Technical Concerns

Currently, Bitcoin’s price has rebounded to around $75,230, up approximately 4.12% since the beginning of the year. However, market volatility remains unresolved—since the start of the year, Bitcoin has still experienced nearly a 23% decline. Against this backdrop, Peter Schiff’s latest views are particularly significant. Through long-term technical analysis, he indicated that if Bitcoin falls below the $10,000 support level, it could face deeper bearish risks.

This prediction contrasts sharply with Bitcoin’s all-time high—last October, Bitcoin reached a record of $126,080. A drop from that peak to $10,000 would mean nearly a 92% correction, a decline that has occurred before in history. Schiff believes that long-term charts clearly show the existence of this critical support level.

Saylor’s “Ambitious” Plan Under Scrutiny

MicroStrategy CEO Saylor’s public commitments have become a focal point of Schiff’s criticism. Saylor has stated that if Bitcoin drops to $8,000, he will continue to increase the company’s Bitcoin holdings through debt refinancing. In response, Schiff issued a series of questions: if Bitcoin truly falls to $8,000 in 2030, that would represent a 94% decline from the 2025 high and a 60% drop from the 2017 peak. He further asked, “Who will still take Saylor or Bitcoin seriously at that point?”

This argument touches on the core risks of high-leverage investing—under extremely unfavorable market conditions, even the most steadfast long-term investors may face insurmountable challenges. MicroStrategy’s stock has also experienced about an 18% decline during this period, despite a 1.21% increase before futures markets opened.

The Eternal Duel: Gold vs. Crypto Assets

Schiff remains a staunch supporter of gold. In early February, he pointed out that Bitcoin’s price had fallen below $66,000 and has since declined further. More critically, according to his calculations, Bitcoin’s current value is less than 13 ounces of gold, down 64% from its November 2021 high. His conclusion: “Those who sold gold to buy Bitcoin made a serious mistake. The longer they delay correcting this mistake, the higher the cost.”

This view immediately drew rebuttals from the crypto community. Many industry insiders pointed out that Bitcoin and gold serve different roles in a portfolio—they are not zero-sum. In the long run, coexistence of both assets is not contradictory.

Subtle Shifts in Market Sentiment and Trading Data

Real-time data shows that Bitcoin’s market performance exhibits complex features. Its circulating market cap has reached $1.5 trillion, but the 24-hour trading volume is only $1.11 billion, with a trading volume-to-market cap ratio of 3.36%, reflecting cautious market sentiment. Interestingly, retail investor sentiment on tracking platform Stocktwits has shifted from “neutral” to “bullish,” even though discussion activity has fallen from “extremely high” to “high.”

This emotional divergence indicates that market participants have clear disagreements about future trends. On one side are pessimistic technical signals; on the other are retail investors’ optimistic expectations. This tension is a true reflection of the current state of the crypto market.

The Dialectic of Risks and Opportunities

While Peter Schiff’s latest views have sparked controversy, they touch on a key issue: the fragility of high-leverage strategies under extreme market conditions. Saylor’s commitment to continuous buying assumes rational market operation, but at $8,000 or even lower prices, funding costs, debt pressures, and market confidence will face unprecedented tests.

Many analysts believe that this debate between Peter Schiff and crypto advocates has gone beyond simple asset valuation—it reflects a fundamental clash of investment philosophies: pursuing extreme growth potential versus seeking a relatively stable store of value. For investors, understanding the core of these two perspectives may be more important than taking sides.