Peter Schiff, gold bug from the very beginning, never wastes a moment in criticizing crypto. Bitcoin in particular often suffers. The Bitcoin price has fallen 18.5% since the all-time high and that is reason enough to say that the crypto dream is over and only gold can save you. According to Peter Schiff.
Peter Schiff is always bearish on Bitcoin
Peter Schiff has the energy of a twenty-year-old, he continues to tirelessly defend gold and attack Bitcoin. No matter what Bitcoin’s price does, Schiff says everything is a sign that Bitcoin will fall soon.
Even now that Bitcoin is only 18.5% away from an all-time high, a record set this year, he dares to be bearish.
Schiff argues that the psychologically important support level of $60,000 will not hold. If this breaks, Bitcoin could drop to $20,000, or 18,700 euros. The analyst highlights the recent recovery in gold prices, indicating a possible shift in investor preference towards traditional safe-haven assets.
Gold’s decline is over
The Bitcoin skeptic goes on to assume that the recent decline in gold prices is over. At over $2,300, gold is selling at a premium. Schiff currently values gold at $2,000.
Gold, https://twitter.com/PeterSchiff/status/1783271696138481828 he, has reached a resistance level of $2,400, but that level won’t last much longer. Bitcoin is in stark contrast to gold market forecasts.
$60,000 is just the bottom
However, not all analysts share Schiff’s pessimism. Tuur Demeester, a cryptocurrency analyst, believes the $60,000 level could be the bottom for the current correction, which represents a relatively modest 20% drop from the recent peak.
Who will ultimately be right? No idea. The fact remains that they are two so-called analysts who draw lines and try to predict the future. Not much different than laying out tarot cards.
The big difference is that Peter Schiff draws his lines with premeditation. His analysis must always lead to only one conclusion: The crypto dream is over…
