Economist and gold advocate Peter Schiff warns that the Bitcoin (CRYPTO:BTC) bear market is far from over, predicting significant price drops for both Bitcoin and Ethereum (CRYPTO:ETH).

Schiff emphasises that Bitcoin is at critical support levels and could drop further if these do not hold.

He attributes part of Bitcoin's decline to Mt. Gox repayment-related sales, suggesting institutional demand for Bitcoin may be overestimated.

Schiff also forecasts a substantial drop for ether, predicting it could crash to $1,500.

He notes Ethereum's recent fall below key support levels and anticipates further declines.