Bitcoin

Gold

Bitcoin critic Peter Schiff has doubled down on his stance, this time claiming the flagship cryptocurrency is in a bear market.
However, the crypto community pushed back against his remarks, with many arguing that his analysis relied too heavily on short-term data.
<h2 id="btc-down-20-against-gold">BTC Down 20% against Gold</h2>
The economist <a href="https://x.com/PeterSchiff/status/1970634173401727252" target="_blank" rel="noopener noreferrer nofollow">dismissed</a> Bitcoin in a September 24 post on X, stating it is “not living up to its hype.” He pointed out that the cryptocurrency has dropped 20% against gold since its August peak, a fall that he said means it’s in bear market territory.
Schiff added that since the crypto asset is promoted as “digital gold,” the 20% drop terms is comparatively more than the 10% decline in dollar terms.
Bitcoin recently <a href="https://cryptopotato.com/bitcoin-joins-the-altcoin-bloodbath-with-a-sudden-flash-crash-to-112k/" target="_blank" rel="noopener noreferrer nofollow">experienced</a> a sharp correction that dragged it more than 8% down from its all-time high of $123,800 on August 13 to a recent 13-day low of $112,200 on September 22. On the other hand, gold has continued setting fresh highs this year, climbing more than 11% over the past month.
This isn’t the first time Schiff has made such claims. A few days ago, he <a href="https://x.com/PeterSchiff/status/1969962329417916859?t=6-W-iC7hnUc5XlsK8yv8_g&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">predicted</a> that the metal’s steady strength could set the stage for a breakout while it’s counterpart continues to slip. His view is supported by analyst Stockmoney Lizards, who <a href="https://x.com/StockmoneyL/status/1970114159368171926?t=cJh2B6nkC2m_wqTl4rsXXQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">pointed</a> to a bearish rising wedge in the leading cryptocurrency’s pattern.
The latter’s chart shows $112,000 as the immediate support level, with $110,000 identified as the critical threshold, which means that a break below that point could signal a deeper decline.
<h2 id="crypto-community-fires-back">Crypto Community Fires Back</h2>
Crypto supporters have rejected Schiff’s bearish outlook, with people accusing him of not factoring in the digital asset’s long-term dominance. Some<a href="https://x.com/BagholderIQ/status/1970637147859493087" target="_blank" rel="noopener noreferrer nofollow"> claimed </a>he is “moving the goalposts” by measuring Bitcoin in gold, pointing out that the cryptocurrency is still up triple digits against the metal over the past five years. Others <a href="https://x.com/Bebe_9Rich/status/1970654265921413248" target="_blank" rel="noopener noreferrer nofollow">dismissed </a>his argument that a 20% decline constituted a bear market, saying that “in crypto, calling a 20% dip a ‘bear market’ is like calling a drizzle a flood.”
Another X user <a href="https://x.com/DecentralizedJM/status/1970733307995599204?t=rrg6wBbpYoSoKQpT5kR7tA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> the leading digital asset’s long-term dominance, noting that over the past decade, gold priced in Bitcoin has collapsed by 99.3%, dropping from about 4.84 BTC per ounce in 2015 to just 0.033 BTC today.
The 62-year-old has remained relentless in his bearish stance. According to the artificial intelligence platform Grok, he has <a href="https://cryptopotato.com/peter-schiff-vs-bitcoin-237-failed-crash-warnings-exposed-by-grok-amid-1000000-surge/" target="_blank" rel="noopener noreferrer nofollow">made</a> 237 separate predictions since 2011 forecasting Bitcoin’s crash, collapse, or eventual worthlessness.
The post <a href="https://cryptopotato.com/the-bitcoin-bear-market-is-here-or-at-least-thats-what-peter-schiff-thinks/" rel="noopener noreferrer nofollow">The Bitcoin Bear Market is Here… or at Least That’s What Peter Schiff Thinks</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

The Bitcoin Bear Market is Here… or at Least That’s What Peter Schiff Thinks

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