Buyers lift bitcoin above 2026 low; Schiff warns Black Monday

Buyers stepped in on June 7, 2026, pushing bitcoin back above the year’s low after the asset fell about 24% over the prior month. Gold proponent Peter Schiff warned of a potential “Crypto Black Monday” and posted a poll on X that attracted more than 15,700 votes.

Bitcoin dropped to just under $59,750 — its lowest level since October 2024 — before rebounding above $61,000 on June 7. The token traded above $126,000 on Oct. 6, 2025, placing current prices roughly 52% below that peak.

On X, Schiff wrote that “Bitcoin broke $60K, taking out the low from Feb. 2025” and cautioned traders to prepare for a deeper sell-off if the recent low is breached. His poll asked how low bitcoin would have to fall before supporters conceded he was right. Of the more than 15,700 votes, 59% selected “zero,” 18.7% chose $20,000, 13.9% picked $1,000 and 8.3% opted for $10,000. Schiff later added that even a $20,000 bitcoin could harm bitcoin-heavy firms, writing, “Even $20,000 bitcoin is low enough to bankrupt MSTR… Have fun being poor.”

Some market participants cited technical indicators and model-based valuations as reasons for a possible rebound. One social account argued a model places fair value near $165,000 and described a larger upside opportunity above current levels. Another account pointed to historical RSI readings, noting that similar lows have preceded strong recoveries in the past.

Corporate developments also drew attention. MicroStrategy sold 32 BTC in recent days, prompting traders to revisit the company’s balance sheet and to model scenarios in which lower prices increase financial strain for firms holding large bitcoin positions. Market pricing has begun to reflect such scenarios in some risk models.

Trading volumes and on-chain flows showed heightened activity around the $60,000 level as both traders and longer-term holders reacted to the decline. Short-term charts signaled oversold conditions at the lows, and several analysts noted those readings as part of the case for a short-term bounce.

Bitcoin was trading near $61,800 on June 7, 2026, at 8:35 a.m. EDT. Market participants said the coming days would indicate whether support around the 2026 low holds or if sellers regain the upper hand.