Bitcoin (BTC) May Never Make New High: Peter Schiff
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.
#Bitcoin bugs are accusing me of ignoring Bitcoin's 12% gain today, while tweeting about gold's 7% rise. Bitcoin is still in a bear market. It's still down 35% from its 2020 high, and 3% YTD. In contrast, gold is in a bull market. It's only 2% below its 2020 high, and up 7% YTD.
— Peter Schiff (@PeterSchiff) March 24, 2020
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.
#Gold is only about 13% below its 2011 record high. #Bitcoin is about 65% below its 2017 high. Big difference. Gold will soon take out its record high. Bitcoin may never make a new high!
— Peter Schiff (@PeterSchiff) March 24, 2020
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.
Bitcoin is outperforming the S&P 500 over the last 30 days. pic.twitter.com/bon9LfYsro
— Eric Wall IS RIGHT (@ercwl) March 24, 2020
‘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.
Short term; We might be seeing high volatility and might be testing the levels at $4,200 or $4,800.
— Crypto Michaël (@CryptoMichNL) March 24, 2020
Long term; I can't be more bullish on crypto and commodities, knowing what measures are taken everywhere.
These low levels are just massive opportunities.
In my opinion.$BTC
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