Renowned economist Peter Schiff has issued a stern warning to Bitcoin (CRYPTO: BTC) HODLers, suggesting they are in denial about the impending crisis in the cryptocurrency market.

What Happened: On Sunday, Schiff took to X to express his concerns about the state of the market. “Based on the comments on my posts, Bitcoin HODLers are in denial. You guys are whistling past a crypto graveyard. Don’t say I didn’t warn you,” he wrote.

This warning came following Bitcoin’s slump below $58,000 as market sell-offs intensified during the weekend.

The fierce Bitcoin critic predicted a ‘crypto black Monday’. He forecast that if Bitcoin fell below its July low of $53,717.38 by Monday’s stock market open, the Bitcoin exchange-traded funds could gap down by over 15%, marking a 30% decline from their January highs. Such a situation, he believed, would trigger mass ETF liquidations.

Notably, Bitcoin reached an intraday low of $52,559.19 within the past 24 hours.

See Also: Mike Novogratz Predicts Harris May Soon Embrace Crypto, Grayscale Bitcoin Trust Experiences Drop, FBI Warns Of Crypto Exchange Impersonation Scams And More: This Week In Cryptocurrency

Why It Matters: Schiff’s warnings come amid a volatile phase for the broader financial markets. U.S. stock futures plunged Sunday night following a sharp pullback in major indices like the S&P 500 and the Nasdaq Composite last week.

Dow Jones Industrial Average futures fell by 383 points, or 0.96%, while S&P 500 futures and Nasdaq-100 futures dipped 1.6% and 2.5%.

These fears were spurred after Japan’s stock market extended Friday’s sell-offs, with the Nikkei 225 falling more than 5% during Monday’s trading.

Last month, he warned of a potential market crash, citing sell-offs, the rise of safe-haven currencies like the Japanese yen and Swiss franc, and the fall of commodity currencies

Price Action: At the time of writing, Bitcoin was trading at $56,030.43, plummeting 7.68% in the last 24 hours, according to data from Benzinga Pro.

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Image Courtesy: Wikimedia Commons

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.