Each Time Bitcoin Rose Above $10,000, It Then Printed Big Fall—How Far Will BTC Plunge Now? Asks Peter Schiff

Mon, 07/27/2020 - 10:54
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Yuri Molchan
Gold bug Peter Schiff has commented on the Bitcoin rise above $10,000, saying that BTC may retrace soon as it has each time after breaking above $10,000 in the past
Each Time Bitcoin Rose Above $10,000, It Then Printed Big Fall—How Far Will BTC Plunge Now? Asks Peter Schiff
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Outspoken Bitcoin critic Peter Schiff has taken to Twitter to comment on the Bitcoin price action taking BTC above $10,000. Schiff says it is highly likely that Bitcoin will plunge this time, as it did three times previously after venturing above the $10,000 level.

He also invited prominent Bitcoin educator Anthony Pompliano on his live show on YouTube to discuss that and talk about gold’s new all-time high as well.

"Bitcoin is back above 10K, how big will the next drop be?"

In his tweet, Peter Schiff reminded the audience that since the glorious 2017 rally, Bitcoin has reached above the crucial $10,000 level three times so far.

After the first two rises, BTC then plunged 38 percent and 63 percent. In May this year, the fall constituted only 15 percent. Peter Schiff seems to be certain that, this time, Bitcoin will not hold above $10,000 for long and asks himself and the audience: How far will Bitcoin plunge this time?

Image via Twitter

"Bitcoin has substantial overhead resistance, gold doesn't"

In another of his tweets, which came out after the Schiff-Pomp talk on YouTube, the gold bug and Euro Pacific Capital CEO tweeted something he forgot to tell Pomp during the conversation.

According to Schiff, Bitcoin, now sitting at $10,200, has a strong overhead resistance that will make its further rise towards $20,000 a hard goal to achieve.

However, the Bitcoin critic says, gold (which has reached an all-time high of $1,900) does not have this pressure over it.

Bitcoin (BTC) Price Analysis: Analyzing Reasons for a $10,000 Breakout

Bitcoin’s year-to-date growth

When Pompliano and Schiff discussed the year-to-date growth of gold and Bitcoin, it turned out that XAU had increased in price twenty-seven percent, whereas Bitcoin ("digital gold") has increased more than thirty-five percent, according to Pomplianoa "big boy move" as he referred to it.

The founder of the Quantum Economics analytics newsletter, Mati Greenspan, has also published a chart on which it is clear that Bitcoin has so far been the leader among the assetsjudging by its growth percentage.

From the beginning of the year...: Orange = Bitcoin; yellow = Gold; red = Nasdaq 100, blue = S&P 500, green = Dollar Index.

There’s much more gold than Bitcoin

The CEO of Kraken, Jesse Powell, and Bitcoin maximalist Max Keiser have posted tweets with similar content, with Powell seeming to hint to gold bugs (and Keiser tagging Peter Schiff directly) that the supply of gold on Earth and in the universe is 100% not a scarce asset.

Gold supply in the universe is basically infinite. There should be roughly 100 million Earths worth of gold in our galaxy.

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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 yuri.molchan@u.today.