On June 2, 2026, Peter Schiff posted the call he has been building toward for months. “There is way too much complacency in Bitcoin for the market to be anywhere near a bottom,” he wrote on X. “When Bitcoin breaks $50K, it should be a quick fall below $20K, which should be a big enough drop to shake the conviction of long-term HODLers, causing many to finally throw in the towel.” The post arrived as Bitcoin was sliding below $67,000 and the Fear and Greed Index was printing 11 – Extreme Fear. It generated the reaction Schiff’s calls always generate: a wave of backlash from Bitcoin holders pointing to his track record, and a quieter wave of anxiety from participants who are less certain. The question for anyone identifying the best crypto to buy in a crypto crash is not whether Schiff is right. History says he almost certainly is not. The question is what the $20K call signals about where the cycle actually is.