Bitcoin experienced a significant downturn on June 5, dropping below the $60,000 mark for the first time since October 2024. This decline reflects a continuous sell-off that has erased all gains achieved following the election victory of former President Donald Trump.
The decline was exacerbated by Strategy’s first Bitcoin sale since 2022 and ongoing outflows from U.S. spot Bitcoin exchange-traded funds (ETFs), alongside broader instability afflicting cryptocurrency markets. Data from Farside Investors indicates that spot Bitcoin ETFs have seen net outflows exceeding $4.3 billion since mid-May, with many leveraged positions being liquidated during this period.
Prominent Bitcoin critic Peter Schiff reacted to the plunge by alerting his followers to the potential for further declines. He emphasized that Bitcoin had broken below $60,000, marking its lowest value since October 2024, and had nullified all gains made after the Trump victory. He stated that if this level is breached again, it could trigger what he termed a “Crypto Black Monday.”
In the aftermath of Trump’s electoral win in November 2024, Bitcoin experienced a substantial rally driven by expectations of a more supportive regulatory environment for cryptocurrencies. Investors flocked to digital assets, optimistic about industry growth and regulatory easing. This led to Bitcoin achieving a record high above $126,000 in October 2025.
However, this rally has slowly unraveled in recent months. Schiff contends that the brief recovery above $61,000 was merely opportunistic buying, lacking in sustainability. His caution resonates amid declining ETF demand, Strategy’s recent sale of 32 BTC, and an unclear outlook for new buying momentum.
Despite Schiff’s bearish perspective, not all financial analysts share his apprehensions. Geoffrey Kendrick, head of digital assets research at Standard Chartered, characterized the recent downturn as a difficult period for the crypto market but maintained a long-term bullish outlook. He speculated that Strategy could eventually recommence its aggressive Bitcoin purchases, echoing past behaviors following previous asset sales. Kendrick expressed optimism, predicting that by the end of 2026, Bitcoin could rise to $100,000, suggesting that the current market conditions represent an attractive buying opportunity.
As of the latest reports, Bitcoin was trading at $60,096, reflecting a decline of 4.33% on the day. The continuing volatility and mixed sentiments within the cryptocurrency market signal a period of uncertainty, leaving investors contemplating the future trajectory of digital assets.
