Peter Schiff, a gold supporter and cryptocurrency rival, admitted on Twitter that he had erred in some price estimates for Bitcoin, which had recently risen to $ 12,000 and reached $ 10,000 before the September correction.
In an interview with Tyler Winklevos, founder and crypto investor, Schiff said he correctly predicted the rise in gold prices in August, but was wrong about Bitcoin. According to Schiff, Grayscale started the cryptocurrency’s rally strong at 000 to 12,000.
“I am on gold, but wrong on bitcoin. The latter were able to gain resistance and rallied up to K 12K, thanks in large part to the ride on the Golden Quotations and the purchase of huge TV commercials by Grayscale, ” Said Schiff.
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He said the current correction indicates a new bear market for bitcoin. The digital coin has fallen from $ 12,400 to $ 10,000 in the last three weeks. It was trading just over $ 10,000 on Monday, with a market capitalization of $ 185 billion.
Analysts say Bitcoin may soon start a new upward trend, while Schiff, who is known for his pessimistic price expectations in the crypto market, “K 10K returned to the bear market quickly by falling back to bitcoin.”
According to data from Squaw, despite the current correction, Bitcoin shows a return of 42.46 per cent, while gold is up more than 27 per cent so far.
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