- Peter Schiff commented over Bitcoin’s bearishness, he said although gold’s current price isn’t at its all-time high, it has still managed to be in a bull market.
- Bitcoin had experienced its bottom in 2018 but recovered soon from it in June 2019. However, it is still 40% behind that high.
Peter Schiff, in his recent tweet, has commented over Bitcoin’s bearishness. He has said that although gold’s current price isn’t at its all-time high, it has still managed to be in a bull market. Since its lowest in December 2015, it has been rising and has hit a 9 year high this week. However, Bitcoin on the contrary has been in the bear market.
It had experienced its bottom in 2018 but recovered soon from it in June 2019. However, it is still 40% behind that high. The event in June 2019 that Schiff is referring to is when Bitcoin experienced its 17 months high and reached the market value of $12,900 on June 26, 2019.
Though #gold isn't at a record high, it's in a bull market. It's been rising since the Dec. 2015 bottom, hitting a 9-year high this week. But #Bitcoin is in a bear market. It bottomed in Dec. of 2018, but the ensuing rally peaked in June of 2019. It's still 40% below that high.
— Peter Schiff (@PeterSchiff) July 10, 2020
Schiff’s Prediction BTC Won’t Break Past The $10000 Mark
Peter Schiff is a renowned American economist and a stockbroker. Currently, he is the Chief Executive Officer as well as the Chief Global Strategist of the US-based broker-dealer, Euro Pacific Capital Inc. Schiff has a different view regarding Bitcoin. He thinks that it cannot be an alternative to gold but more like the tulip mania, where the price of the contracts increases to very high levels and then suddenly collapse. Clearly Schiff is a bit pessimistic towards Bitcoin.
Schiff has predicted that since Bitcoin has been in the $9000 neighborhood it will become very challenging for Bitcoin to cross the $10000 restriction.
Bitcoin Isn’t Really Growing When It Should
In his comparative tweet, he has stressed the fact that Bitcoin isn’t growing when it should. Since the past few months of its recovery from the Black Thursday, the cryptocurrency has been in the sideways and it has only crossed the $10000 mark once in the period.
Bitcoin owners are extremely bullish and almost every article I read predicts that Bitcoin is on the verge of an explosive rally. Yet despite this optimism Bitcoin has been rangebound below $10K for 3 months. If #Bitcoin can't rally now despite amazing fundamentals, when will it?
— Peter Schiff (@PeterSchiff) July 9, 2020
Schiff has accused all the Bitcoin users to be extremely bullish and every article he reads is about how Bitcoin is about to experience an explosive rally. He adds that despite all the optimism, bitcoin has been in the range-bound of $10000 for three months. According to him, this is high time for Bitcoin to rally as it has amazing fundamentals.
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