Peter Schiff Admits That He Was Wrong in Criticizing Bitcoin

UTC by Bhushan Akolkar · 3 min read
Peter Schiff Admits That He Was Wrong in Criticizing Bitcoin
Photo: Gage Skidmore / Flickr

The popular Bitcoin critic Peter Schiff noted that Bitcoin successfully managed to past the resistance and rally up to $12K. However, he said that Bitcoin’s correction to $10K is its entry to the bear market.

Gold supporter and Bitcoin critic Peter Schiff has admitted that he was wrong about Bitcoin previously. Schiff goes to acknowledge that Bitcoin performed opposite to his expectations and didn’t collapse as the gold price surged to an all-time high.

On Sunday, September 6, Schiff engaged in some conversation on Twitter with Gemini co-founder Tyler Winklevoss. Since Bitcoin has been showing sideways movement over the last few days, Winklevoss predicted that it will make $10,000 as its new baseline. But Schiff sounded bearish earlier saying Bitcoin could consolidate before it crashes. Schiff tweeted:

“#Bitcoin can just as easily be consolidating before the next breakdown. Consolidations after sharp moves typically continue the move that proceeds them. The more the 10K support level is tested the weaker it gets. Markets rarely give investors that many chances to buy the bottom.”

Jumping in this conversation, Twitter user Sharkybit reminded Schiff of his previous predictions. In July, Schiff predicted that as gold would surge, Bitcoin would drop. Replying to it, Schiff wrote:

โ€œI was right on gold, but wrong on Bitcoin. 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. By falling back to $10K Bitcoin quickly returned to a bear market.โ€

As per the data analytics platform Skew, the correlation between Bitcoin and Gold has dropped from 68% last month to 20% now.

Analysts Expectations with Bitcoin Ahead

Overt the last week, Bitcoin’s price has corrected by over 15% dropping from close to $12,000 to now trading around $10,000. Bitcoin’s sideways movement comes as part of the wider crypto market correcting over the last few trading sessions.

Popular Bitcoin trader Josh Rager thinks that the latest correction in Bitcoin is “healthy” for the world’s largest cryptocurrency. Since Bitcoin has been consolidating above $10,000, Rager believes that it will continue to do so before it sets itself for the next journey.

Another analyst HornHairs said that Bitcoin has surged over 235% since its 2020-low on March 12, 2020. Hence, he thinks that it is necessary for Bitcoin to correct and form new support above $10,000.

Well, a few market analysts are predicting some major inflation in the coming times along with USD depreciating. Thus, they have turned bullish on BTC saying that it will be a good bet for investors.

Other news on Bitcoin can be found here.

Bitcoin News, Cryptocurrency news, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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