Why Bitcoin is Rangebound Below $10K Despite Amazing Fundamentals: Peter Schiff

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bitcoin blockstamp 1
bitcoin blockstamp 1
  • Recently, the gold bug Peter Schiff shared on Twitter that Bitcoin (BTC) is rangebound for three months.
  • According to the ardent gold lover, the BTC supporters are extremely bullish. As they predict that Bitcoin is on the edge of an “explosive rally.”
  • However, looking at the current situation of BTC, the trading volume is yet an average range which means that it is neither bullish nor bearish.

Recently, the gold bug Peter Schiff shared on Twitter that Bitcoin (BTC) is rangebound for three months. Also, he is waiting to see when BTC will show its amazing rally. As per the optimistic predictions of its holders.

Bitcoin is on the edge of An explosive rally

According to the ardent gold lover, the BTC supporters are extremely bullish. As they predict that Bitcoin is on the edge of an “explosive rally.”  Instead, Bitcoin is rallying in a sideways range for three months. Only once it has touched the level of $10,000.

With the movement of Bitcoin prices and market situation, many BTC advocates have opined a positive sign towards BTC price upsurge. Raoul Pal, a popular economist believes that BTC is getting ready to enter the new rally hopefully to break the small wedge.

However, looking at the current situation of BTC, the trading volume is yet at an average range which means that it is neither bullish nor bearish.

Schiff with his gold stories

A few days back, Schiff shared on Twitter that gold is chipping away against its resistance level i.e below $1,800 while BTC just above $9000.

Further, he finds that these lines will be broken resulting in a price increase in the gold. Whereas a simultaneous decrease in the price of Bitcoin. He attached a user poll along with the tweet to know their opinions.  Though, the reactions were just opposite to that of Schiff’s opinion. Around 30% of users went with Schiff’s view while 49% believes that both gold and bitcoin prices will increase.

The BTC hater always relates Bitcoin and gold and predicts for the bearish future of the king of the coin. But, there is a big segment of BTC supports who still believes that BTC will break the wedge.

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