“Bitcoin has reached its ceiling”: here’s some harsh “anti-gold” criticism from the famous Peter Schiff

Peter Schiff, the most famous cryptocurrency hater, made a Christmas “gift” to all Bitcoin holders, publishing a chart and stating that the token is much closer to the ceiling than to its bottom. For their part, Satoshi’s coin fans are sure of the opposite and expect the asset to break the $100K bar by the end of the year 

Bitcoin is the anti-gold

In his statement, Schiff reminds us of Santa, who gives all the “bad guys” coal for behaving badly all year long and not listening to him when he urged everyone to get rid of their crypto assets. Now, if he is to be trusted, there is no way back, and investors will suffer for what they have been defending all along. 

So as not to seem unsubstantiated, the expert published a chart that supposedly shows that Bitcoin is much closer to the ceiling than to the bottom.

Schiff draws attention to the yellow line, which he says used to be supported but has become a resistance line. 

“Since the upside potential is so low and downside risk so high, the smart move is to sell today,” he said. 

Some users saw this statement as a signal to buy, probably distrusting Schiff’s opinion and predictions. He often criticizes cryptocurrency, but his predictions for several years that Bitcoin was about to fall to zero have not yet come true. Often, after his words, the value of the asset, on the contrary, increases. But the position of the popular financial commentator is apparently adamant. 

Responding with facts to the fact, user JackFox noted that the chart published by Peter Schiff is very similar to the 1999 gold price chart. And, as we know, the value of the metallic asset has not collapsed.

Schiff admitted that the charts are similar but expressed doubt that Bitcoin would follow the same path. In his opinion, instead of breaking out, the asset is likely to collapse. 

“Bitcoin is the anti-gold,” Peter Schiff said. 

As for gold, the asset isn’t in steady growth either. According to a technical analysis by trader Bitcoin Bealzabub, gold has fallen in value by 20% in the past two years. This happened because no one protected it from collapse during the pandemic. He summed up that with his criticisms and predictions, Schiff will only be right once in a decade, when his “prediction” happens to coincide with a global crisis. 

But as we know, all is not well in the cryptocurrency world right now. It hasn’t yet recovered from the FTX crash and the ongoing crypto winter, and we don’t know how that will end. That’s why there’s a chance Schiff will be right after all. There is no point in thinking too far ahead, it is much better to see what happens to the coin now. 

Bitcoin’s current price and faith in a New Year’s miracle

The situation has been unchanged for more than a decade now, and Bitcoin is still at the top of the list, outperforming other crypto assets by market capitalization, price, and many other metrics. At the time of writing, the coin is trading at $16,870. On the last day, the token rose in price by 0.21% and in the last week by 0.65%. And the market capitalization is equal to $324.66B.

You can’t call it active growth, neither can you call it a decline, but rather stagnation. Besides Schiff, famous investor Mark Mobius also believes in Bitcoin’s near collapse, only he thinks that the coin will stop at $10K. However, there are those who unconditionally believe in the rise of the value of the asset up to $250K or even $350K. When exactly might it happen? We already reported here. Spoiler: not soon. 

And what could happen even before the end of 2022 is Bitcoin’s rise in value to $100K. Of course, we are aware that the theory is crazy, but a number of investors do believe it. One of them is the popular hodler Carl From the Moon, who has invested in more than 400 crypto projects. He even promised that if BTC doesn’t hit $100K, he will actually delete his Twitter account. Ok, waiting for it. By the way, another popular investor, Martini Guy, is in agreement with him.