Gold Bull Peter Schiff Sees Bitcoin Crashing Toward Cycle Lows Near $59,500

American stockbroker Peter Schiff has warned of an imminent Bitcoin crash following the 2026 U.S. midterm elections.

Speaking to his followers on X, the well-known economic and capital markets analyst warned of a potential Bitcoin plunge.

His remarks suggested that BTC is set to lose resilience due to recent events that have eroded investor confidence and pushed crypto prices lower.

U.S. equities and precious metals up after election

Based on his market observation, the analyst noted that since the recently concluded 2026 midterm elections, U.S. stock markets have surged around 12% while Bitcoin dropped by 4.6%. Over the same period, gold and silver prices have risen by 5% and 7%, respectively.

According to Peter Schiff, price hikes in equities, gold, and silver indicate that Wall Street and traditional investors are celebrating the election outcome, marked by Democrats winning control of both the House and Senate.

Initially, investors feared a lengthy political battle after the Democratic sweep. However, traditional capital assets rebounded after Trump accepted the outcome, dispelling fears of an election dispute. In short, investors expect a divided Congress to clamp down on government spending and borrowing.

Also, the yield on the benchmark 10-year Treasury note dropped by 4.91% following the Democratic victory. This means lower Treasury yields support stock valuations by reducing borrowing costs and eroding bond returns, making them less attractive relative to equities and precious metals. This explains strong gains in U.S. stocks and rare metals.

BTC to slide further, Schiff said

Bitcoin weakened after the midterm election, noting that the timing indicates that the vote and the subsequent Binance hack impacted investor sentiment. Today, BTC trades at $73,135, after losing a crucial support at $75,000 and falling from its recent $80,000 peak.

Schiff is aware that Bitcoin always falls after midterm elections. He knows more drops are coming now that the asset has lost its key support at $75k. He believes that the cryptocurrency is primed to crash towards its cycle bottom (around $59,517), urging investors to sell before the short window closes.