{"id":391481,"date":"2019-07-30T01:00:00","date_gmt":"2019-07-30T01:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=391481"},"modified":"2024-06-11T13:24:50","modified_gmt":"2024-06-11T13:24:50","slug":"gold-investor-peter-schiff-claims-bitcoin-bottom-wont-hold","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/gold-investor-peter-schiff-claims-bitcoin-bottom-wont-hold\/","title":{"rendered":"Gold Investor Peter Schiff Claims Bitcoin Bottom Won’t Hold"},"content":{"rendered":"

Outspoken gold bug and Bitcoin naysayer Peter Schiff<\/a> claims that the first-ever crypto asset’s “2019 low will not hold” due to the lack of volume during the recent bull run.<\/p>\n

With Bitcoin price skyrocketing from 2019 lows in the $3,000 to $4,000 range to a local high of $13,800, and its now struggling to sustain above $10,000\u00a0 \u2013 a price level that was supposed to incite widespread FOMO<\/a> – Schiff’s theory could potentially be put to the test in the months ahead.<\/p>\n

Peter Schiff: Bitcoin Price 2019 Low Won’t Hold<\/h2>\n

Over the last few months, Peter Schiff has been on a crypto commentary rollercoaster. One minute he’s bashing Bitcoin, calling its recent rise a sucker’s rally<\/a>, and then the next he’s polling users on how to spend his own Bitcoin and inviting crypto industry influencers onto a YouTube livestream to debate the financial technology and asset class.<\/p>\n

It had appeared Schiff had been warming up to the idea<\/a> that Bitcoin could become the digital counterpart to gold – an asset he’s heavily invested in, owning precious metal investments firm SchiffGold.<\/p>\n

Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker\u2019s Rally<\/a><\/strong><\/em><\/p>\n

However, he’s right back to talking doom and gloom about Bitcoin and crypto. In a new tweet, he blasts the low volume noted during Bitcoin’s recent rally in comparison to the 2017 bull run.<\/p>\n

During that time there was a blitz of retail-driven buying following media frenzy surrounding the mystique of emergence of a new digital currency that had mad early adopters wealthy beyond their wildest imagination.<\/p>\n

Worse yet, Schiff claims that the “2019 low will not hold,” suggesting that the bear market may not be over and the bottom not set.<\/p>\n

On Hold For Gold: Can BTC Stay in the Economic Hedge Conversation?<\/h2>\n

While suggesting the bottom isn’t in after a $10,000 rise from 2019 lows does sound unrealistic, Bitcoin price is suddenly struggling with $10,000 which isn’t a sign of strength or the intense buying that was supposed to occur once the crypto asset returned to these levels.<\/p>\n

Related Reading | Bitcoin Price Rejected Above $10,000, Will $9,000 Break Or Bounce?<\/a><\/strong><\/em><\/p>\n

Most of the crypto industry, including\u00a0bull Tom Lee<\/a> and crypto exchange co-founder Cameron Winklevoss both expected $10,000 to take Bitcoin much higher<\/a>. And while it did manage to rise a fair amount over $10,000 to $13,800, it wasn’t the catalyst for a new all-time high the crypto world had hoped… yet.<\/p>\n

New lows may also not be impossible, but bulls still have plenty chance to turn around the recent downtrend if Bitcoin is on a longer-term uptrend. Corrections are healthy, and support built here could mean Bitcoin never returns to four-digits.<\/p>\n

Early on in Bitcoin’s recent parabolic rally, Schiff called it a “sucker’s rally<\/a>.” Should Bitcoin fall and breach to new lows, and as he suspects \u2013 gold will move into a bull market \u2013 the crypto asset’s consideration as an economic hedge<\/a> may be in jeopardy.<\/p>\n

Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"
Outspoken gold bug and Bitcoin naysayer Peter Schiff claims that the first-ever crypto asset’s “2019 low will not hold” due to the lack of volume during the recent bull run. With Bitcoin price skyrocketing from 2019 lows in the $3,000 to $4,000 range to a local high of $13,800, and its now struggling to sustain above $10,000\u00a0 \u2013 a price level that was supposed to incite widespread FOMO – Schiff’s theory could potentially be put to the test in the months ahead. Peter Schiff: Bitcoin Price 2019 Low Won’t Hold Over the last few months, Peter Schiff has been on a crypto commentary rollercoaster. One minute he’s bashing Bitcoin, calling its recent rise a sucker’s rally, and then the next he’s polling users on how to spend his own Bitcoin and inviting crypto industry influencers onto a YouTube livestream to debate the financial technology and asset class. It had appeared Schiff had been warming up to the idea that Bitcoin could become the digital counterpart to gold – an asset he’s heavily invested in, owning precious metal investments firm SchiffGold. Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker\u2019s Rally However, he’s right back to talking doom and gloom about Bitcoin and crypto. In a new tweet, he blasts the low volume noted during Bitcoin’s recent rally in comparison to the 2017 bull run. During that time there was a blitz of retail-driven buying following media frenzy surrounding the mystique of emergence of a new digital currency that had mad early adopters wealthy beyond their wildest imagination. Worse yet, Schiff claims that the “2019 low will not hold,” suggesting that the bear market may not be over and the bottom not set. On Hold For Gold: Can BTC Stay in the Economic Hedge Conversation? While suggesting the bottom isn’t in after a $10,000 rise from 2019 lows does sound unrealistic, Bitcoin price is suddenly struggling with $10,000 which isn’t a sign of strength or the intense buying that was supposed to occur once the crypto asset returned to these levels. Related Reading | Bitcoin Price Rejected Above $10,000, Will $9,000 Break Or Bounce? Most of the crypto industry, including\u00a0bull Tom Lee and crypto exchange co-founder Cameron Winklevoss both expected $10,000 to take Bitcoin much higher. And while it did manage to rise a fair amount over $10,000 to $13,800, it wasn’t the catalyst for a new all-time high the crypto world had hoped… yet. New lows may also not be impossible, but bulls still have plenty chance to turn around the recent downtrend if Bitcoin is on a longer-term uptrend. Corrections are healthy, and support built here could mean Bitcoin never returns to four-digits. Early on in Bitcoin’s recent parabolic rally, Schiff called it a “sucker’s rally.” Should Bitcoin fall and breach to new lows, and as he suspects \u2013 gold will move into a bull market \u2013 the crypto asset’s consideration as an economic hedge may be in jeopardy. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":391491,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,2209,41003,8325],"class_list":["post-391481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-gold","tag-peter-schiff","tag-schiffgold"],"acf":[],"yoast_head":"\nGold Investor Peter Schiff Claims Bitcoin Bottom Won't Hold<\/title>\n<meta name=\"description\" content=\"Outspoken gold bug and Bitcoin naysayer Peter Schiff claims that the first-ever crypto asset's "2019 low will not hold" due to the lack of volume during\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Gold Investor Peter Schiff Claims Bitcoin Bottom Won’t Hold","url":"http:\/\/wncen.com\/news\/gold-investor-peter-schiff-claims-bitcoin-bottom-wont-hold\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/gold-investor-peter-schiff-claims-bitcoin-bottom-wont-hold\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/bitcoin-price-gold-peter-schiff-shutterstock_723581548.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/bitcoin-price-gold-peter-schiff-shutterstock_723581548.jpg?fit=5184%2C3456"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","crypto","gold","peter schiff","schiffgold"],"dateCreated":"2019-07-30T01:00:00Z","datePublished":"2019-07-30T01:00:00Z","dateModified":"2024-06-11T13:24:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Gold Investor Peter Schiff Claims Bitcoin Bottom Won’t Hold\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/gold-investor-peter-schiff-claims-bitcoin-bottom-wont-hold\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/gold-investor-peter-schiff-claims-bitcoin-bottom-wont-hold\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/bitcoin-price-gold-peter-schiff-shutterstock_723581548.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/bitcoin-price-gold-peter-schiff-shutterstock_723581548.jpg?fit=5184%2C3456\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"crypto\",\"gold\",\"peter schiff\",\"schiffgold\"],\"dateCreated\":\"2019-07-30T01:00:00Z\",\"datePublished\":\"2019-07-30T01:00:00Z\",\"dateModified\":\"2024-06-11T13:24:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/bitcoin-price-gold-peter-schiff-shutterstock_723581548.jpg?fit=5184%2C3456","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/391481"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=391481"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/391481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/391491"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=391481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=391481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=391481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}