Bitcoin believers, buckle up! Notorious gold advocate Peter Schiff is back with a fresh round of bearish warnings. This time, he's setting his sights on a crucial price level for the digital currency.

Schiff Sounds the Alarm: $60,000 – The Line in the Sand?

Schiff, known for his unwavering opposition to Bitcoin, took to Twitter to declare that things are looking grim for "HODLers" (long-term holders). He warns that a price drop below $60,000 could trigger a significant decline, potentially leaving new investors who piled in through ETFs holding the bag.

ETF Boom and Bust?

The recent surge in Bitcoin's price, driven in part by the excitement surrounding the launch of Bitcoin ETFs, seems to be losing steam. While ETF inflows initially fueled a 128% price increase over the past year, they've stagnated recently. This, coupled with broader market jitters, has left Bitcoin trading sideways in a $60,000-$70,000 range.

Echoes of Doubt: Another Analyst Chimes In

Schiff isn't alone in his concerns. James Check, a prominent analyst, expressed similar anxieties, suggesting that a price dip below $58,800 could trigger panic selling from recent buyers. This level represents the "short-term holder cost basis" – the point at which many new investors entered the market. However, Check remains cautiously optimistic, believing this price floor will hold.

Schiff vs. Bitcoin: A Never-Ending Feud

Schiff has long been a vocal critic of Bitcoin, arguing that its lack of real-world utility renders it unfit as a form of currency. He champions gold as the superior store of value, highlighting its industrial and decorative uses. Even last week's Bitcoin "halving" event, which significantly reduced its inflation rate (arguably making it more attractive than gold), couldn't sway Schiff. He sarcastically referred to it as a "halving" of investor net worths.

Will Bitcoin Heed Schiff's Warnings?

Only time will tell if Schiff's latest prediction comes to pass. One thing's for sure, the price of Bitcoin faces a crucial test in the coming days. Will it find support at $60,000, or will it succumb to the pressure and embark on a downward spiral? Bitcoin hodlers around the world are waiting with bated breath.