Famous economist Peter Schiff warning! Bitcoin may correct sharply near the end of the trend. ETF up priceExceeds $40K butIt’s still not as eye-catching as “gold.” Ath Things went smoothly and seemed more sustainable. Ready to warn you to be careful.”“Sell on the truth” if Black stone I got the green light Spot ETFs
Bitcoin reached a record high this year, its highest level in 19 months, while the legendary asset “gold” also reached an all-time high. Recently, famous economist Peter Schiff came out and posted a message on the X platform saying that the price action of gold is more interesting to watch than Bitcoin.
The price of gold reached an all-time high on Friday. Spot prices rose 0.8% to $2,087.79 an ounce. Meanwhile, the Comex gold contract for February 2024 delivery rose 1.1% to $2,113 an ounce. After most investors around the world believe this, the Fed is likely to end the cycle of raising interest rates before entering the bearish cycle in March next year.
He said that the rise in gold prices is more interesting than the rise of Bitcoin above $40,000. Because in order to reach a new all-time high, Bitcoin’s price would have to rise by another 60%, while gold has already reached its all-time high.
“While the value of the US dollar remains stable, the price of gold has risen by this much. Think of how far gold will go if the dollar starts to fall. The fact is that the dollar is not strengthening and although there are factors of global geopolitical conflicts, this is a sign Not good, but the situation is a positive factor pushing the price of gold to rise. Shiv said.
Along with the warning that anyone who has FOMO and buys Bitcoin during this period hoping to wait for an opportunity to sell after the launch of the Spot Bitcoin ETF by a giant company like BlackRock (pending SEC approval) may be hurt because the price of Bitcoin may fall. In the period leading up to the launch of the fund.
He also said that with the recent spike in buying pressure on Bitcoin following speculation about the approval of the Spot Bitcoin ETF, it may soon face a rise in selling pressure. The same selling pressure will occur when Grayscale Bitcoin Trust (GBTC) gets the green light to turn into a Spot ETF.
Willing to say more today that “Gold prices falling below $2,100 helped Bitcoin price rise to nearly $41,000, but that may be the end of Bitcoin’s bull run as speculation around spot Bitcoin ETFs fades. A downward correction in Bitcoin price is likely Much sharper than when it was bullish.This is in contrast to the high gold price which appears more sustainable and stable.
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