Renowned economist and cryptocurrency skeptic, Peter Schiff, warned Bitcoin (CRYPTO: BTC) holders of a potential drop if the coin fails to hold the $60K support level.

What Happened: On Wednesday, Schiff took to Twitter to express his concerns about Bitcoin’s future. “It’s not looking good #HODLers. You guys need to hope #Bitcoin can hold $60K. Otherwise it’s a long way down,” he tweeted.

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Bitcoin has gained over 7% so far in the last seven days and since the year began the apex cryptocurrency has shot up over 47%.

His tweet comes in the wake of Bitcoin’s recent consolidation, which has left investors questioning its next move. Schiff, known for his critical views on Bitcoin, has previously slammed the cryptocurrency for its volatility and questioned its status as a safe haven asset.

Why It Matters: According to a recent technical analysis, the $60,000 support level is crucial for Bitcoin’s bullish outlook. If the price drops below $60,000, there might be a chance to buy, especially if it’s just a temporary or deceptive decline known as a “fakeout.”

In the past, Schiff has criticized Bitcoin for not being the ‘safe haven asset it’s promoted to be’ after it tanked 6% following jobless claims data, while gold rose 1.5%.

He also mocked Bitcoin holders after the recent halving event, suggesting that they will soon experience a halving of their net worth.

Price Action: At the time of writing, Bitcoin traded 3.7% lower at $64,177.19, according to data from Benzinga Pro.

Photo Courtesy: Wikimedia Commons

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