Economist Peter Schiff warned that Bitcoin might crash to $20,000 if it falls below key support near $50,000, potentially marking an 84% decline from its all-time high. His caution comes amid escalating geopolitical tensions related to potential US military action against Iran, which is weighing on risk sentiment and crypto markets. However, on-chain data reveal mixed signals: short-term holders are selling at losses, but Bitcoin's Sharpe ratio suggests current conditions may be closer to market bottoms rather than prolonged collapses.

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