The cryptocurrency market is experiencing a tumultuous period, with Bitcoin's value plummeting by nearly 30% against gold. Economist Peter Schiff has sounded the alarm, warning of a potential further dip in the cryptocurrency's price. This development comes as Bitcoin's price has extended below $59,000, sparking concerns among investors.

Schiff's warning is based on the cryptocurrency's weakness against gold, which he believes indicates a more severe bear market. His concerns are echoed by Mike McGlone, a senior commodity strategist at Bloomberg, who notes that the history of the S&P 500 extending 20% above its 100-week moving average does not favor Bitcoin against gold. The digital asset investment products outflow of $1.2 billion, with Bitcoin accounting for over $630 million of outflows, has also contributed to the bearish sentiment.

The impending release of Bitcoin holdings from the now-defunct Mt. Gox exchange has also raised concerns. The exchange will begin reimbursing creditors with Bitcoin and Bitcoin Cash on July 2, which could potentially flood the market and drive the price lower. Additionally, Bitcoin miners have been offloading their holdings to cope with reduced block rewards following the latest halving event, which has further contributed to the bearish sentiment.

Despite these negative trends, some analysts believe that Bitcoin's price could rebound. The TD Sequential indicator has flashed a buy signal on the Bitcoin daily chart, suggesting a possible short-term recovery. Furthermore, Bitcoin's Relative Strength Index (RSI) has entered oversold territory, a condition that has historically preceded significant price surges.

In conclusion, Bitcoin's value has plummeted against gold, sparking fears of a further decline. While some analysts believe that the cryptocurrency's price could rebound, others warn of a potential further dip. As the market continues to navigate these tumultuous waters, investors are advised to exercise caution and keep a close eye on market developments.