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Bitcoin critic Peter Schiff has doubled down on his stance, this time claiming the flagship cryptocurrency is in a bear market.<\/p>\n
However, the crypto community pushed back against his remarks, with many arguing that his analysis relied too heavily on short-term data.<\/p>\n
The economist dismissed<\/a> Bitcoin in a September 24 post on X, stating it is \u201cnot living up to its hype.\u201d He pointed out that the cryptocurrency has dropped 20% against gold since its August peak, a fall that he said means it\u2019s in bear market territory.<\/p>\n Schiff added that since the crypto asset is promoted as \u201cdigital gold,\u201d the 20% drop terms is comparatively more than the 10% decline in dollar terms.<\/p>\n Bitcoin recently experienced<\/a> a sharp correction that dragged it more than 8% down from its all-time high of $123,800 on August 13 to a recent 13-day low of $112,200 on September 22. On the other hand, gold has continued setting fresh highs this year, climbing more than 11% over the past month.<\/p>\n This isn\u2019t the first time Schiff has made such claims. A few days ago, he predicted<\/a> that the metal\u2019s steady strength could set the stage for a breakout while it\u2019s counterpart continues to slip. His view is supported by analyst Stockmoney Lizards, who pointed<\/a> to a bearish rising wedge in the leading cryptocurrency\u2019s pattern.<\/p>\n The latter\u2019s chart shows $112,000 as the immediate support level, with $110,000 identified as the critical threshold, which means that a break below that point could signal a deeper decline.<\/p>\n Crypto supporters have rejected Schiff\u2019s bearish outlook, with people accusing him of not factoring in the digital asset\u2019s long-term dominance. Some claimed <\/a>he is \u201cmoving the goalposts\u201d by measuring Bitcoin in gold, pointing out that the cryptocurrency is still up triple digits against the metal over the past five years. Others dismissed <\/a>his argument that a 20% decline constituted a bear market, saying that \u201cin crypto, calling a 20% dip a \u2018bear market\u2019 is like calling a drizzle a flood.\u201d<\/p>\n Another X user highlighted<\/a> the leading digital asset\u2019s long-term dominance, noting that over the past decade, gold priced in Bitcoin has collapsed by 99.3%, dropping from about 4.84 BTC per ounce in 2015 to just 0.033 BTC today.<\/p>\n The 62-year-old has remained relentless in his bearish stance. According to the artificial intelligence platform Grok, he has made<\/a> 237 separate predictions since 2011 forecasting Bitcoin\u2019s crash, collapse, or eventual worthlessness.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nCrypto Community Fires Back<\/h2>\n
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