Gold bull warns Bitcoin could face ‘Black Monday’
June 5, 2026
Bitcoin fell below $60,000 on June 5 for the first time since October 2024, extending a sell-off that has erased all gains made since US President Donald Trump’s election victory.
The decline followed Strategy’s first Bitcoin sale since 2022, continued outflows from US spot Bitcoin exchange-traded funds (ETFs), and broader weakness across crypto markets.
Spot Bitcoin ETFs have recorded more than $4.3 billion in net outflows since mid-May, according to Farside Investors data, while leveraged positions were flushed out during the downturn.
Related: Quantum-resistant token crashes brutally amid counterfeit concerns
Analyst warns of potential ‘Crypto Black Monday’
Moments after the fall, Bitcoin critic Peter Schiff warned his followers that further downside could trigger another wave of panic selling.
“Bitcoin broke $60K, taking out the low from Feb. 2025,” Schiff wrote on June 5. “At just below $59,750, Bitcoin was at its lowest since Oct. 2024, wiping out all of its post-Trump-election gains.”
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However, the rally has steadily unraveled in recent months.
Schiff argues that the rebound above $61,000 reflected opportunistic buying rather than a sustainable recovery.
“If today’s low is taken out, prepare for a Crypto Black Monday,” he said.
Bitcoin’s post-election rally began in November 2024 after Trump’s victory fueled expectations of a more crypto-friendly regulatory environment.
Investors poured into digital assets on hopes that the new administration would support industry growth and ease regulatory pressure. That optimism helped propel Bitcoin to a record high above $126,000 in October 2025.
Schiff’s recent warning comes as investors grapple with declining ETF demand, Strategy’s sale of 32 BTC, and growing uncertainty over where new buying pressure will emerge.
Schiff is the chief economist and global strategist at Euro Pacific Asset Management and one of Wall Street’s best-known gold bulls, he also founded the precious metals dealer SchiffGold.
He rose to prominence after predicting the 2008 financial crisis and has spent more than a decade arguing that gold, not Bitcoin, is the only real store of value. He remains one of Bitcoin’s most persistent critics, dismissing it as an asset with no intrinsic value while urging investors to hold gold instead, a call that has gained traction this year as gold overtook U.S. Treasuries in central bank reserves.
Standard Chartered calls it a buying opportunity
Not everyone on Wall Street shares Schiff’s bearish outlook.
In a June 4 note to clients, Standard Chartered’s head of digital assets research Geoffrey Kendrick described the recent downturn as a “painful week” for crypto but maintained his long-term bullish stance.
Kendrick said Strategy could eventually resume aggressive Bitcoin purchases, similar to its actions following previous sales.
“When we look back at the end of 2026 with Bitcoin at $100K, we will say this was the buying zone we all wanted,” he wrote.
At the time of writing, Bitcoin was trading at $60,096, down 4.33% on the day, according to TradingView data.
Related: Dave Ramsey gives blunt message amid market slide
This story was originally published by TheStreet on Jun 5, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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