Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bitcoin (BTC) has had a pretty rough recent timeline, with its price falling almost 13.9% in the last 24 hours. BTC is currently trading at $52,800, but it briefly dipped as low as $49,000 on the Binance spot market. Such a painful drop is in palpable contrast to the fact that just a week ago the main cryptocurrency was worth over $70,000.
Gamza KhanzadaevOf course, such a catastrophe of price action woke up every cryptocurrency skeptic, with Peter Schiff being the most vocal of them. In a series of posts, the latter emphasized the seriousness of the situation by pointing out that Bitcoin had broken the March lows.
He said the current values marked a 20% drop from the way it traded on Friday, when Bitcoin ETFs closed. He called it a "crypto Black Monday" and suggested that the worst may be yet to come.
Gold 2.0?
Schiff also noted that since peaking in November 2021, Bitcoin has fallen in value by 45%, if you take the cryptocurrency's price-to-gold ratio. Although the price has risen slightly above $50,000, Schiff advises waiting for the stock market to open so ETF holders can finally sell.
Alex DovbnyaPeter Schiff is as bearish as ever on Bitcoin and favors gold. Interestingly, however, a similar sentiment is seen in the forecasts of another well-known financial expert named Peter - Peter Brandt. Thus, as reported by U.Today, the popular trader anticipates a 39% drop in the value of BTC to gold in the foreseeable future.
Arman Shirinyan
Alex Dovbnya