Peter Schiff, one of Bitcoin’s most prominent critics, said: Predicted The price of the leading cryptocurrency is on track to drop below $58,000. According to data from CoinGecko, the leading cryptocurrency is currently trading at $58,592.
“It’s not even digital silver.”
While Bitcoin is frequently compared to gold, Schiff believes the iconic cryptocurrency doesn’t even come close to silver. “Not only is Bitcoin not digital gold, it’s not digital silver,” the financial commentator wrote in a recent social media post.
Silver prices recently surged above $31 an ounce and are on track to hit new highs in 2024. The precious metal hit a year-to-date high of $32.5 in May.
Meanwhile, gold recently hit a new all-time high of $2,586, coinciding with Bitcoin’s drop below the $60,000 level.
Precious metals prices are rising ahead of a key interest rate decision from the Federal Reserve.
Back to “Fear”
Sentiment towards Bitcoin is once again lackluster after the cryptocurrency failed to hold above the crucial $60,000 level.
The “Fear and Greed” sentiment index scored 39 out of 100, dropping back into the “fear” zone.
Just a day ago, the largest cryptocurrency was in neutral territory as bulls gained some ground.
The volatility comes ahead of a scheduled Fed interest rate cut later this month.
June, Schiff Predicted The price of the leading cryptocurrency will continue to fall against gold for several consecutive years.
Of course, considering Schiff is one of the most well-known Bitcoin perennial bears, his predictions should be taken with a heavy grain of salt.
https://u.today/bitcoin-poised-to-break-below-58k-peter-schiff-predicts
