- Peter Schiff highlights Bitcoin’s 34% decline against gold since its 2021 peak, raising concerns about a prolonged bear market.
- Bitcoin’s recent price drop to its lowest since July follows fears of weak U.S. economic growth, impacting market sentiment.
- Bitcoin sentiment shifts from bullish to bearish within weeks, reflecting market votality and potential for further decline.
Cryptocurrency expert Peter Schiff has raised his concern that the leading cryptocurrency by market cap, has been in a bear market for years. Schiff has noted that the leading cryptocurrency is down 34% to gold after hitting its current high in November 2021.
Bitcoin Falls to Lowest Price Since July, Schiff Predicts Further Declines
In a recent post by Peter Schiff through his X platform account, he has highlighted the current Bitcoin trend where he made a comparison with gold sending anxiety among the investors.
On Saturday, the Bitcoin price recorded a fall to an intraday low of $59,839, reaching its lowest price point since July 14. Earlier this week, Schiff also predicted that creditors could influence MicroStrategy, which is known as the largest corporate holder of Bitcoin, to sell its holdings.
Bitcoin Sentiment Indicator Drops, Signalling Fear Among Traders
Meanwhile, Bitcoin’s indicator which is helpful for checking market sentiment, shows that traders have become fearful .The indicator currently shows 34 points out of 100 after the most recent update.
The leading digital asset witnessed an extremely impressive sentiment jump last month. The bulls dominated in less than a week due to a remarkable price recovery. This move made many institutions invest by adding more Bitcoins to their reserves. However, this time around, Bitcoin went from the highest bullish sentiment in 16 months to the current in a similarly short span of time.
The cryptocurrency has been on a bearish trend over the past few days due to belief that the U.S. might be on the edge of another weak economic growth following the release of the most recent economic data.
According to CoinMarketCap, Bitcoin is currently trading at a price of $60,664.79 signalling a 1.52% decline of its value while it total market cap is reading $1,197,417,440,374 at the time of writing
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
