As Bitcoin experienced a fall in its price recently, gold bug Peter Schiff claimed that this move indicates that the world’s largest cryptocurrency is heading towards a new bear market.
The co-founder of Gemini, Tyler Winklevoss, recently tweeted about Bitcoins being consolidated and in response to that, Schiff stated that in the past two months Bitcoin has experienced a huge surge in its price, that happened because of Gold and the lucky television ad campaign.
Bitcoin To Fall From Resistant Level
In July 2020, when Bitcoin was stable at its resistant point, Peter Schiff predicted that soon the digital asset would start falling down from that point. And he further claimed that while the Bitcoin starts losing its value, Gold would escalate.
On September 06, Schiff in his tweet has stated that presently, the value of BTC is $10,000 and now is the time to watch its movement.
Winklevoss in his tweet mentioned that the current position of Bitcoin shows that even though it is at $10,000 but soon the digital asset would escape that value. While replying to his tweet, the CEO of Euro Pacific Capital stated that before the next breakout, the price of Bitcoin can be consolidated and there is a possibility that it does not represent a bottom.
Grayscale’s Television Advertisement
Schiff’s recent prediction regarding the Bitcoin crash failed on his Twitter thread. Later, while giving his response, Peter Schiff stated that his prediction went wrong only because of the enduring effect of Gold’s performance.
Further, he mentioned that the crypto asset management and investment firm Grayscale has been advertising about Bitcoin on televisions, which also helped in improving the performance of the world’s largest digital asset in the market.
Recently, American Libertarian admitted that his mid-summer prediction about Bitcoin was wrong.
The report stated that earlier, it was predicted that the value of Bitcoin would fall below $9,000, but in the last two months, it surged over $12,000. However, as per the last week’s data, the value again came down to $10,000.