Peter Schiff has indicated that Bitcoin's next downside target is $54,000. He believes that Bitcoin has formed a bearish head and shoulders pattern, with the "neckline" below $57,000.

Based on CoinGecko data, Bitcoin is currently trading at $57,770, having dropped to $56,637 earlier. The cryptocurrency has fallen over 21% from its all-time high of $73,737 on March 14.

Bitcoin has been facing significant bearish pressure due to ETF outflows. Despite brief price increases after statements from Federal Reserve Chairman Jerome Powell, Bitcoin remains below the $59,000 level.

Schiff has also declared that Bitcoin is now in a bear market following a 20% drop from its peak. The Crypto Fear & Greed Index has entered "Fear" territory with a reading of 43, indicating potential overselling in the market.

With Bitcoin having its worst month in years, the chances of another red month are high unless there is a reversal in its current trend.