According to U.Today, well-known gold advocate Peter Schiff has once again expressed a bearish view on Bitcoin, emphasizing that this is a do-or-die moment for Bitcoin. Last week, Schiff pointed out Bitcoin's position, suggesting that its fall into what he called the "danger zone" could be a decisive turning point. Bitcoin has indeed broken through the $60,000 threshold, a level that has been acting as a strong psychological and technical support in the bull market through 2024. This decline has further amplified the negative sentiment in the market. According to Schiff, a break below this key level could mean the end of the bull run that has attracted the market over the past year. The chart shows that Bitcoin is currently around $58,540, with the 100-day exponential moving average (EMA) nearby. Schiff warned that a sustained break below this moving average would confirm the bearish trend, effectively "ending the rally" and potentially ending the bull market in the foreseeable future. In addition, an increase in trading volume has accompanied the decline in price, indicating increased selling pressure. This increase in trading volume is usually a bearish indicator, further supporting Schiff's hypothesis that the market is turning. Trader sentiment is becoming increasingly cautious, and many are preparing for further declines. From a technical perspective, if Bitcoin fails to recapture the $60,000 level, the next major support lies at $51,965. This represents a significant retracement from recent highs and a drop to this level could encourage further selling. On the other hand, a rebound from current levels would have to overcome the $60,000 resistance to invalidate the bearish scenario. A successful break above this resistance could see Bitcoin attempt to reach higher resistance levels close to $64,000, providing a glimmer of hope for the bulls.