Key takeaways
- Peter Schiff is in disbelief for Bitcoin, to nobody’s surprise
- BTC price continues increasing towards the $40,000 Priceline
YEREVAN (CoinChapter.com) – The Bitcoin critic suggests replacing Olympic gold medals with satoshis. The cryptocurrency community claps back at his sarcasm.
CEO and chief strategist of Euro Pacific Capital, Peter Schiff, expressed his disdain for Bitcoin yet again in a tweet on July 27. Mocking the blockchain community’s support for the currency, he faced the “old man yelling at Bitcoin” backlash.
BTC Bears
Although it is entertaining to observe this back and forth, his position creates some concern as it reflects the sentiment of a broader audience. After all, Schiff is not alone. He is among other prominent and influential investors like Warren Buffet and Bill Gates, as The Ascent reports.
They have all questioned the underlying value of BTC, rendering it a bubble, Buffet even comparing the market to the tulip mania of the 1600s. Schiff reasons that he does not trust digital currencies the same way as he dislikes fiat currencies not backed by gold.
Related: Cryptocurrencies are worthless, says the world’s largest listed hedge fund manager
The crash of Bitcoin has thus been a frequent forecast from him, although not accurate most of the time. Until the 2021 upswing, he deemed the idea of BTC hitting the $50K marker impossible, which proceeded to happen in April, as CoinTelegraph reported.
Amid the rally, he predicted a higher peak at $100K. Instead, the price entered a downtrend for months. More recently, he wrote that as BTC recovered above $30,000, it would meet resistance at that level, which didn’t happen either.
Another miss by a mile
In the meantime, the Bitcoin rally continues, pushing the price up by 28% since July 20. The current price hovers around $38,000. Moreover, the pivot points analysis shows that a new resistance may form at $41K by the start of August.
Related: Delta variant bullish for Bitcoin and gold says Bloomberg strategist
The buying momentum is pushing the relative strength index closer to the upper bound. For reference, the last time the RSI was at 66.66 was in mid-April when the price peaked at an all-time high.
