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

Tue, 03/24/2020 - 12:53
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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
Bitcoin (BTC) May Never Make New High: Peter Schiff
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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.


‘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 crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at