The golden beetle, Peter Schiff, who has often spoken out against Bitcoin, You may admit that your predictions are at least flawed after acknowledging the currency was not “crashing” when gold hit a new all-time high last month.
In one exchange On Twitter with Tyler Winklevoss, which began on September 6, Schiff contacted the co-founder of Gemini about Bitcoin’s rise to an annual high of more than $ 12,000 on August 17 and its decline below $ 10,000 a week. consist. While Winklevoss predicted that the digital asset base would be $ 10,000 for any future slumps, Schiff was decidedly more pessimistic, stating that Bitcoin (BTC) could consolidate before a decline.
“”The more the support level 10,000 is tested, the weaker it becomes“, said Ship. “Markets rarely give investors so many opportunities to buy the minimum.”
However, Twitter user Sharkybit was unwilling to pass on the word of the Golden Beetle. Ticketing A screenshot of Schiff’s July 5 prediction in which he said that the price of Bitcoin would fall if gold rose.
“I was right about gold, but wrong about bitcoin”, said Ship. “The latter managed to beat the resistance and hit up to $ 12,000, thanks in large part to the problem it exploited with gold and Grayscale’s massive purchase of television advertising.”
“Bitcoin fell to $ 10,000 and quickly returned to a bear market.”
According to Skew Analytics The month-long correlation between gold and bitcoin hit an all-time high of 68% in early August. As of this writing, gold is trading at $ 1,934 an ounce after falling just 7.1% since hitting an all-time high of $ 2,089 on August 6.
Bitcoin is currently valued at $ 10,251 after falling 15% since it exceeded $ 12,000 on August 2 of this year. The correlation between the two assets stayed close to 0-20% for the past two weeksand fell briefly to 2.6% on September 2.
Although Bitcoin is no longer highly correlated with gold, the crypto asset could become digital gold in 2020, taking into account past price correlations and futures market trends. According to Skew, gold is making a year-to-date (YTD) return of 27.22%, while Bitcoin has made a year-to-date (YTD) return of 42.36%..
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