Bitcoin (BTC) May Never Make New High: Peter Schiff

News
Tue, 03/24/2020 - 12:53
Yuri Molchan
Major Bitcoin critic Peter Schiff has criticized BTC again, despite the overnight price surge of 18 percent, and stated that gold is in a bull market
Cover image via www.facebook.com
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On Monday, after the Fed’s announcement of ‘QE Infinity’, the price of Bitcoin soared past the $6,000 level and is now trading in the $6,600 area with analysts debating whether it will keep rising or show a massive reverse.

Overnight, Bitcoin added about 18 percent. However, the prominent Bitcoin opponent and gold advocate, Peter Schiff, stated that Bitcoin is still underperforming gold and the latter is in a bull market, unlike BTC.

‘Ignoring Bitcoin's 12% gain today’

The CEO of Euro Pacific Capital, Peter Schiff, has again taken to Twitter to stab at Bitcoin despite its significant overnight price gains, rising by around $1,000.

In his latest tweet, Schiff says that, despite the new quick gains, Bitcoin is still 35 percent below its 2020 high and just 3 percent up YTD.

Unlike BTC, says Schiff, gold is in a bull market. XAU is only 2 percent below its 2020 high and is up 7 percent year-to-date.

Schiff also says that now BTC is 65 percent below its 2017 high and that it may never reach a new high ever again, unlike gold.

Bitcoin has outperformed S&P 500

CIO of Arcane Assets and trader Eric Wall stated that over the past months Bitcoin has been outperforming the S&P 500 index.

Alex Kruger also recently tweeted that Bitcoin has been trading like a low beta stock as of late, which means that BTC is starting to behave like a safe haven asset. Trader Willy Woo shared a similar take on Monday.

Related
Bitcoin (BTC) Price Will Target $7,800, If This Happens

‘Might be testing the levels at $4,200 or $4,800’

As per the short-term prospects for Bitcoin, trader ‘Crypto Michael’ believes that BTC is likely to drop and test the $4,800-$4,200 area.

However, he reminded the community that low levels offer great opportunities for BTC investors.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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