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The weekly chart of Bitcoin is showing strong warning signs, and now Peter Schiff, one of the loudest critics of the asset, has added fuel to the debate by suggesting the peak could already be behind us.
Schiff, who has always been more into gold than crypto, talked about a post comparing past Q4 surges with today's rally. In that rally, Bitcoin has gone above $108,000 and hit highs near $124,500.
The comparison showed that Bitcoin has had explosive late-year runs in past cycles: 720% in 2013, 350% in 2017 and 59% in 2021.
Today's rally is showing triple-digit gains, but it hasn't quite matched the historic blow-off tops yet. When asked if the ceiling had already been hit, Schiff gave a short but impactful answer.
It's all in line with his overall view of economy
Schiff recently said he thinks gold will go up to $6,000 by the end of next year. But he also said that the dollar index might go down to 70, which is the lowest it's been since the mid-2000s. He also expects more turbulence in gold, silver and stocks once U.S. markets reopen after the holiday weekend.
The two sides are pretty clear in their arguments. Bitcoin supporters say the current cycle still has room to run and point to earlier Q4 melt-ups.
Schiff, on the other hand, sticks to his guns and says the asset is headed for disappointment in the long run. He thinks gold and Bitcoin go up and down together, so if one goes up, the other might go down.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team