Crypto critic Peter Schiff admits he was wrong about Bitcoin

Popular American stockbroker, Peter Schiff known to be a crypto critic admitted that there are issues in his prediction when he acknowledged that the crypto king did not collapse with gold hitting a new all-time high in August.

However, Schiff is of the opinion that Bitcoin’s price recent fall to $10K points to a bear market.

The famous crypto critic and Tyler Winklevoss, Gemini co-founder had some talk about Bitcoin where Schiff admitted he was wrong.

Schiff traded words with the Gemini co-founder regarding Bitcoin’s rise to a yearly high of more than $12,000 on Aug. 17 and how it fell below $10,000 just last week.

Tyler predicted that BTC baseline for future dips would be $10,000. The crypto critic, however, predicted more woes for the crypto king saying there could be a consolidation before it crashes.

Crypto critic, Schiff predicts fall for BTC

Schiff explained that the more 10K support level is tested, the weaker BTC gets.  He said further that markets rarely give investors that many chances to buy the bottom.

Another Twitter user Sharkybit got in the conversation holding unto Schiff’s position. He posted a screenshot of Schiff’s July 5 prediction that the price of Bitcoin would drop as gold surged.

“I was right on gold, but wrong on Bitcoin,” said Schiff. “The latter did manage to get through resistance and rally up to $12K, thanks in large part to a ride on gold’s coattails and a massive TV advertising buy by Grayscale.”

Skew Analytis gold, Bitcoin synnergy

A professional data analytics and trade execution services for cryptocurrency markets, Skew Analytics revealed the one-month correlation between gold and Bitcoin reached a record high of 68% in early August.

Currently, gold trades at $1,934.00after it dropped by 7.1 percent since it hit an all time high of $2,089 on Aug. 6.

Bitcoin on the other hand trades at $10,099after it fell by around 15 percent following its surge above $12,000 last month. The connection between both assets remains close to 0-20 percent for the last two weeks, briefly dropping to 2.6% on Sept. 2.

BTC at the moment cannot be compared to gold, however, the digital asset could still mark as digital gold in 2020, considering the previous price correlations and trends in the futures market.