The bitcoin critic and gold advocate Peter Schiff maybe admitting that there’s at least some flaw in his predictions after acknowledging the coin did not “collapse” as gold rose to a new all-time high last month. In a Twitter exchange with Tyler Winklevoss, which began Sept 6, Schiff traded words with the Gemini co-founder regarding Bitcoin’s rise to a yearly high of more than $12,000 on Aug 17 and its dip under $10,000 just last week.
Peter Schiff was bearish on bitcoin.
Gemini co-founder Winklevoss had predicted the digital asset’s baseline for all future dips would be $10,000, while Schiff was decidedly more bearish, stating that the leading cryptocurrency could be consolidating before a crash. “The more the 10K support level is tested, the weaker it gets,” said Schiff. “Markets rarely give investors that many chances to buy the bottom,” he added. A Twitter user Sharkybit posted a screenshot of Schiff’s Jul 5 prediction that Bitcoin’s price would drop as gold surged.
“I was right on gold, but wrong on Bitcoin.”
“I was right on gold, but wrong on Bitcoin,” said Schiff. “The latter did manage to get through resistance and rally up to $12K, thanks in large part to a ride on gold’s coattails and a massive TV advertising buy by Grayscale.” Skew Analytics data shows that the one-month correlation between gold and Bitcoin reached a record high of 68% in early August. Currently, the price of gold is $1,934 per ounce, dropping 7.1% since reaching an all-time high of $2,089. On the other hand, Bitcoin’s price is currently valued at $10,251, having fallen 15% since first rising above $12,000 this year on Aug 2. The