Gold advocate Peter Schiff is back with another strong warning on $BTC.

• If Bitcoin breaks $50K, he believes it could drop toward $20K
• That would mark roughly an 84% decline from the all-time high
• Says this cycle is “different” due to:
– Massive hype
– High leverage
– Heavy institutional exposure
– Trillions in market cap at stake

Schiff argues that the size and mainstream adoption of this cycle could amplify downside if sentiment flips hard.

He’s been consistently bearish for over a decade — including during every previous recovery.