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Peter Schiff Predicts Potential Bitcoin Decline as Gold and Silver Outperform
Longtime Bitcoin critic Peter Schiff has raised fresh concerns about Bitcoin’s resilience, pointing to a growing divergence between the cryptocurrency and traditional safe-haven assets like gold and silver.
Bitcoin Losing Ground to Traditional Assets
Schiff highlighted that while Bitcoin shows signs of weakness—dropping over 1% in the evening session—gold and silver are gaining momentum. Gold recently traded above $3,690, while silver surged past $40 and even $43, signaling renewed strength in the commodities market. According to Schiff, this trend suggests that money is moving from speculative assets like Bitcoin toward historically safer investments. He reiterated his long-standing stance that Bitcoin’s lack of inherent value makes it vulnerable to market turbulence, whereas gold and silver provide stability during uncertain times.
Technical Weakness on Bitcoin Charts
Bitcoin’s recent drop from $116,000 to around $112,900 is testing key support levels. The cryptocurrency is currently holding above the 100-day EMA at $111,800, with traders watching the 200-day EMA as a critical line of structural support. A decisive break below this level could open the door to $106,000, potentially confirming a larger bearish cycle.
Signs of Waning Momentum
Technical indicators reflect Schiff’s cautious outlook. The relative strength index (RSI) has moved closer to neutral levels at 45, hinting at declining bullish momentum, while trading volumes have decreased. Schiff warns that as U.S. markets reopen, selling pressure could increase, putting Bitcoin at risk of another downward leg.
The Safe-Haven Advantage
In contrast, gold and silver continue to benefit from demand for safe-haven assets, highlighting the stark difference between traditional commodities and Bitcoin’s high-volatility profile. The next trading sessions will be critical, as Bitcoin either defends its current range or faces a deeper correction.
