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Bitcoin (BTC) has had a pretty rough recent timeline, with its price falling almost 13.9% in the last 24 hours. BTC is currently trading at $52,800, but it briefly dipped as low as $49,000 on the Binance spot market. Such a painful drop is in palpable contrast to the fact that just a week ago the main cryptocurrency was worth over $70,000.
Of course, such a catastrophe of price action woke up every cryptocurrency skeptic, with Peter Schiff being the most vocal of them. In a series of posts, the latter emphasized the seriousness of the situation by pointing out that Bitcoin had broken the March lows.
#Bitcoin traded below $50K. It's down about 22% since Friday's U.S. stock market close, and It's now down 45% priced in #gold since its Nov. 2021 high almost three years ago. It's back above $50K now, but wait until the stock market opens and ETF holders can finally sell too.
— Peter Schiff (@PeterSchiff) August 5, 2024
He said the current values marked a 20% drop from the way it traded on Friday, when Bitcoin ETFs closed. He called it a "crypto Black Monday" and suggested that the worst may be yet to come.
Gold 2.0?
Schiff also noted that since peaking in November 2021, Bitcoin has fallen in value by 45%, if you take the cryptocurrency's price-to-gold ratio. Although the price has risen slightly above $50,000, Schiff advises waiting for the stock market to open so ETF holders can finally sell.
Peter Schiff is as bearish as ever on Bitcoin and favors gold. Interestingly, however, a similar sentiment is seen in the forecasts of another well-known financial expert named Peter - Peter Brandt. Thus, as reported by U.Today, the popular trader anticipates a 39% drop in the value of BTC to gold in the foreseeable future.