The Bitcoin (BTC) market has been facing a tumultuous period, with the cryptocurrency's price plunging over 20% from its record highs and dipping below the critical $59,000 mark. In this context, renowned economist and vocal Bitcoin critic Peter Schiff has spotlighted the more severe drop in BTC's value when priced against gold.

According to Schiff, Bitcoin is down over 30% in gold terms, indicating a much harsher bear market in this context. Schiff's warnings come at a crucial juncture for BTC, which is facing multiple headwinds, including the impending release of Bitcoin holdings from the now-defunct Mt. Gox exchange.

The Mt. Gox announcement to begin reimbursing creditors with Bitcoin and Bitcoin Cash (BCH) on July 2 has raised concerns among investors. Many fear that the release of a significant amount of BTC could drive the price down further, as creditors who have waited years to recover their funds might sell their Bitcoin as soon as they receive it.

Adding to the bearish sentiment is the digital asset investment products outflow of $1.2 billion, with Bitcoin accounting for over $630 million of the outflows, indicating institutional selling. The selloff was primarily driven by investors in the U.S. and Canada.

Furthermore, Bitcoin miners have been offloading their holdings to cope with the reduced block rewards following the latest halving event, which cut rewards from 6.25 BTC to 3.125 BTC. In June alone, miners sold 30,000 BTC worth approximately $2 billion, and the German government sold over $3 billion worth of BTC.

The broader macroeconomic factors, such as rising interest rates and investor fatigue, have also contributed to the bearish sentiment in the market. The critical support level at $60,000 has been breached, raising alarms about a potential drop to $46,600.

However, despite these negative trends, some analysts see potential for a 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 historically preceded significant price surges.

As the market navigates these turbulent times, investors and analysts will be closely monitoring the developments, particularly the impact of the Mt. Gox reimbursement and the broader macroeconomic factors, to gauge the future direction of the Bitcoin price.