Peter Schiff is once again urging investors to rotate out of cryptocurrency.
The prominent investor claims the digital asset's "mania is over" despite its recent price resilience.
The Euro Pacific Capital chief economist has expressed frustration with the market's continued focus on Bitcoin.
Schiff pointed to significant overnight gains across the precious metals complex as evidence that a historic shift is underway.
"All the action tonight is in precious metals," Schiff wrote.
Bitcoin’s recovery
In the meantime, Bitcoin has managed to break through the $93,000 level early Monday. Earlier today, it hit a session high of $93,169, CoinGecko data shows.
The break above $93,000 validates the "higher low" market structure identified earlier by analyst Dave the Wave. As reported by U.Today, the analyst stated that Bitcoin bulls would need a push toward $100,000 for bullish momentum to fully gain traction.
Last week, Schiff predicted that Bitcoin depreciation was likely after stating that it was melting down against his wealth.
After gold substantially outperformed Bitcoin in 2025, Schiff might finally be humbled this year.
However, the cryptocurrency is still not out of the woods, given that it remains 27% away from its record high.
Schiff's skepticism is definitely not unfounded, considering that the flagship coin previously tried and failed to reclaim the make-it-or-it-break-it $95,000 level on several occasions. Hence, the most recent rally might simply end up being a flash in the pan once again.
Alex Dovbnya
Caroline Amosun
Denys Serhiichuk
Tomiwabold Olajide