“Bitcoin had its worst month since 2011”
Euro Pacific Capital CEO and major gold investor Peter Schiff logged on to Twitter to boast about Bitcoin’s huge decline in May and point to gold bullishness.
He shared his downside opinion that, in his opinion, it is likely to follow the current BTC drop to the $ 35,000 mark.
Peter Schiff proudly tweeted that gold managed to close above the $ 1,900 level in May, showing a 7.5 percent gain.
As for Bitcoin, he wrote that this was the worst month for BTC in ten years. The flagship digital currency has not been able to exceed the $ 42,000 level and has not managed to stay at $ 40,000, he boasted.
Bitcoin is now trading above the $ 30,000 support (sitting at $ 36,075) at the time of writing this text. In addition, as reported by U.Today earlier, CIO from Guggenheim Partners fund, Scott Minerd, warned that investors should be prepared for a volatile holiday weekend for BTC.
#Gold rose 7.5% in May, closing above $ 1,900. Meanwhile #Bitcoin had its worst month since 2011. It couldn’t sustain $ 40K with $ 42K acting as powerful resistance. $ 30K support is back in play, and if it fails $ 20K is the next target. Memorial Day may have added meaning in crypto.
– Peter Schiff (@PeterSchiff) May 28, 2021
# Gold rose 7.5% in May, closing above $ 1,900. Meanwhile, #Bitcoin had its worst month since 2011. It failed to sustain $ 40K with $ 42K acting as a powerful resistance. $ 30K support is back in the game, and if it fails, $ 20K is the next target. Memorial Day may have added meaning to cryptocurrency.
BTC “can go into a longer and colder winter” than before
Speaking of the holiday weekend, Schiff added that “Memorial Day may have added meaning to cryptocurrency.”
Prominent Bitcoin evangelist and investor Anthony Pompliano responded with some optimistic statistics for BTC, saying that last year Bitcoin was up 269 percent and gold was up just 10 percent.
The gold bug Schiff responded to this with its regular narrative, saying that the Bitcoin race could be over.
If the main cryptocurrency continues to fall this year, Schiff is sure, it could plunge into a crypto winter that would be much “longer and colder” than it was in 2018.
“But how do you know that the # Bitcoin crash is not over? Bitcoin could easily end 2021 at a loss and enter an even longer and colder winter than it experienced in 2018. ”