According to ChainCatcher, economist and gold advocate Peter Schiff recently challenged the market view that Bitcoin cannot drop to $20,000, arguing that this popular belief lacks a convincing basis. Schiff noted that Bitcoin fell below the $20,000 level about 3.5 years ago, a period not far off, so the possibility of returning to that price level cannot be ruled out. He added that major assets declining over short periods are not uncommon in financial markets.