Key Isights:
- Bitcoin is trading at around $58900 as Citi cuts its price objective, and the demand for the cryptocurrency remains weak.
- According to Peter Schiff, Bitcoin will likely test support levels below $58000.
- Outflows in record amounts from the Bitcoin ETF and Strategy remained in focus.
The Bitcoin price is once again in the spotlight after gold proponent Peter Schiff detailed a set of lower prices for Bitcoin amid Citigroup’s decreased 12-month estimate for the cryptocurrency. These distinct events occurred as the price of Bitcoin hovered at $58,900 amid the fall to its lowest since September 2024.
Bitcoin Price Prediction Makes Waves Following Schiff’s Latest Comments
According to Peter Schiff, the $58,000 support level for Bitcoin would not be sustainable under today’s market conditions. In his latest comment on X, he said that Bitcoin will fall from $58,000 to $50,000, then to $20,000.
Source: Peter Schiff
He also said that such a decline could affect Strategy, the largest corporate holder of Bitcoin, by increasing the likelihood that the company would sell additional Bitcoin holdings to preserve its U.S. dollar reserves.
Schiff later expanded on his outlook after another X user questioned why he had not projected Bitcoin falling to $1,000. In response, he said he would eventually make that prediction, adding that he was currently pointing to a price level that many Bitcoin holders still considered unlikely.
Additionally, in another post, Schiff wondered why some investors did not think it unlikely for Bitcoin to go back to $20,000, as the cryptocurrency was trading below that price point just under four years ago. He also referred to Bitcoin’s historical price volatility while explaining his position.
Citigroup Lowers Bitcoin Outlook
Alongside Schiff’s comments, Citigroup revised its outlook for major digital assets over the next 12 months.
According to Reuters, the bank reduced its Bitcoin target from $112,000 to $82,000. It also lowered its Ethereum forecast from $3,175 to $2,240.
The report said Citigroup based the revisions on weakening investor demand together with slower-than-expected progress on digital asset legislation in the United States.
In addition to its revised base case, the bank also outlined a bearish scenario in which Bitcoin declines to approximately $53,000 during the next year.
The updated forecasts arrived as Bitcoin traded near $58,900 after extending recent losses. The cryptocurrency had previously fallen to its weakest level since September 2024 and was trading more than 50% below its October 2025 high of $126,200.
Record ETF Outflows Add to Market Data
The Bitcoin Price Prediction discussion also coincided with new data showing continued withdrawals from U.S. spot Bitcoin exchange-traded funds.
According to SoSoValue, the funds had net outflows of about $4.5 billion in June, which is reportedly the largest monthly outflow since the birth of the products.
The net outflows for the year until June rose to about $5.5 billion. The net inflows, despite the net outflows for the year, have been about $51.2 billion from the introduction of U.S. spot Bitcoin ETFs.
Data from Farside Investors showed that BlackRock’s iShares Bitcoin Trust accounted for approximately $3.55 billion, or about 79%, of June’s total net outflows.
Separate data from CryptoQuant indicated that U.S.-based spot Bitcoin ETFs now hold fewer than 1.25 million BTC. CryptoQuant Head of Research Julio Moreno wrote on X that ETF holdings had fallen below the level recorded on the same date one year earlier, adding that overall demand for Bitcoin continued to weaken.
Strategy Program Remains Part of Market Focus
Attention also remained on Strategy after the company introduced a Bitcoin monetization program earlier this week.
The company said the program forms part of a broader capital framework intended to support dividend obligations associated with its preferred securities. The program authorizes the strategy to raise to $1.25 billion.
The announcement generated different responses from market participants. Some viewed the measure as an additional financing tool, while others questioned whether the capital structure could eventually require Bitcoin sales exceeding the authorized amount.
According to Schiff, “Strategy,” Schiff was concerned that a major fall in the value of Bitcoin could place the company under pressure to liquidate its assets to keep its dollars.
Strategy’s Class A common stock initially rose by as much as 12% to above $90 after the announcement before reversing direction. According to Google Finance, the shares closed Tuesday at $86.93, representing a decline of 6.2% during the trading session.
Source: Google Finance
Bitcoin Price Prediction Reflects Multiple Market Developments
The latest Bitcoin Price Prediction discussion reflects several developments occurring at the same time rather than a single market event. Schiff outlined progressively lower price levels beginning with a potential break below $58,000 and extending to $20,000 while indicating he could eventually forecast a decline to $1,000.
Separately, Citigroup reduced its 12-month Bitcoin target to $82,000 and introduced a bearish scenario of approximately $53,000. As of press time, Bitcoin was trading at 58, 554.37 with an increase of 0.17% over the last 24 hours.
FAQs
Why was Citigroup’s prediction for Bitcoin reduced?
Citigroup reduced its Bitcoin target price for 12 months from $112,000 to $82,000 because of lower investor interest and the lack of digital assets legislation in the United States.
What were the price levels mentioned by Peter Schiff?
According to Peter Schiff, Bitcoin can fall below $58,000 before it falls to $50,000 and $20,000. Also, he could eventually make predictions that Bitcoin will fall to $1,000.
What is Citigroup’s bearish scenario about Bitcoin?
Under the Citigroup bearish scenario, Bitcoin can be trading at $53,000 within 12 months.
