Renowned gold advocate Peter Schiff has once again expressed a negative view on Bitcoin, indicating that the cryptocurrency is at a critical juncture. Schiff emphasized that Bitcoin's recent drop below $60,000 has brought it into what he terms the "danger zone," which may mark a significant turning point.

The breach of the $60,000 level, which previously served as a strong psychological and technical support during the 2024 bull market, has intensified the bearish sentiment in the market. Schiff believes that a sustained move below this crucial level could signal the end of the bullish trend that has dominated the market for the past year.

Currently, Bitcoin is trading around $58,540, in close proximity to the 100-day Exponential Moving Average (EMA). Schiff has cautioned that a persistent decline below this moving average would confirm the bearish trend, potentially signaling the conclusion of the rally and perhaps bringing an end to the bullish market in the foreseeable future.

An uptick in trading volume accompanying the price decline indicates an increase in selling pressure, which is commonly regarded as a bearish sign. This development aligns with Schiff's belief that the market is undergoing a shift towards negativity, reflected in the cautious stance of many traders expecting further price drops.

From a technical perspective, failure to reclaim the $60,000 level could see Bitcoin finding support at $51,965, signifying a significant retreat from recent highs and potentially triggering more selling activity. Conversely, a successful move above $60,000 is needed to invalidate the bearish scenario, with the next resistance level at around $64,000 offering hope for bullish traders.