Mark Twain once said, “The secret of getting ahead is getting started,” but if you ask Peter Schiff, the secret of getting ahead in the crypto world is to keep your wallet locked tight and your eyes wide open-especially if you’re eyeing that $60,000 level, which he insists is less a floor and more a “trap door” with a spring-loaded kick in the pants.
Now, while the rest of us are busy pretending we understand the whims of digital gold, Schiff is out here playing the role of the grumpy old man at the party, warning that the $60,000 mark is less a “price floor” and more a “price illusion,” like a magician’s rabbit that disappears the moment you blink.
Bitcoin, for its part, has been playing the part of a stubborn mule, refusing to budge below $60,000 since February 6. Some say it’s found its footing; others say it’s just waiting for the floor to drop out from under it. Either way, Schiff’s warning is about as comforting as a snake in a boot.
Bitcoin (BTC), Hyperliquid (HYPE), Zcash (ZEC), Dogecoin (DOGE) and Ethereum (ETH) Price Analysis for May 23: Fundamental Shift in Investors’ Sentiment
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One X user, ever the optimist, dared to suggest, “$60,000 is the floor sir.” Schiff, ever the contrarian, responded with the enthusiasm of a man who’s just discovered his coffee is actually tea. “It’s likely a trap door that Bitcoin will fall through,” he declared, as if the market were a stage magician’s assistant and Bitcoin the unsuspecting volunteer.
It’s likely a trap door that Bitcoin will fall through. It’s a long way down.
– Peter Schiff (@PeterSchiff) May 23, 2026
And so, the tale of Bitcoin’s “long way down” continues, with the price dancing around $74,720 like a man trying to avoid a punchline. Analysts, ever the hopeful souls, suggest we might see “consolidation” before the next big move-though given the market’s penchant for surprises, that’s about as reliable as a weather forecast in a hurricane.
Bitcoin short-term price action
Bitcoin’s attempts to break $82,000 in May were as successful as a squirrel trying to crack a nut with a spoon. It soared above the True Market Mean at $78,300, only to be met with the same old story: “Nice try, but the market’s not ready for a bull run yet.” Previous cycles, as Schiff might say, are “a long way down” from being a guarantee.
Below that, the cost basis of investors who bought during the February-to-April slump now sits near $71,400-a level as comforting as a cold shower on a winter morning. The $78,200 mark, once a support, has turned into a “overhead resistance,” while the $71,400 level is now the “most immediate support floor” for the current pullback. All of this, of course, is as clear as mud to the uninitiated.
At the time of writing, BTC was down 3.29% in the last 24 hours to $74,720, as the crypto market took a sudden dive early Saturday. One can only imagine what Schiff is sipping on as he watches the chaos unfold, muttering about “trap doors” and “long ways down” like a man who’s seen too many shows and not enough profits.
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2026-05-23 15:38