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The price of Bitcoin is encountering obstacles as the cryptocurrency has resumed its downward trend, struggling to keep its momentum above the $115,000 threshold. This level has emerged as a notable resistance point in the short term.
During these market fluctuations, Bitcoin skeptic Peter Schiff took to social media platform X (formerly Twitter) to assert, “Gold is eating Bitcoin’s lunch.”
Schiff Urges HODLers to Liquidate ‘Fool’s Gold’
In his post, Schiff pointed out that Bitcoin has seen a 32% drop when valued against gold since its peak in August, forecasting a “brutal” bear market looming ahead. He encouraged HODLers to reassess their investments, advocating for the sale of their “fool’s gold” in favor of the tangible asset, gold, to avoid potential financial disaster.
In response to Schiff’s comments, Changpeng Zhao, the former CEO of Binance, offered a sarcastic reply. He remarked, “We should have paid attention to him, two months ago, out of the 16 years of Bitcoin’s existence. About 1% of the time.”
Zhao reminded his followers that Bitcoin has skyrocketed from just $0.004 to around $110,000 USD over the years, highlighting the cryptocurrency’s long-term potential despite its current hurdles.
Analysts Forecast a Positive October for Bitcoin
Schiff has maintained his skepticism regarding Bitcoin’s role as a substitute for the US dollar or as “digital gold.” He contends that many HODLers are deluding themselves about market realities, a mindset he believes could lead to substantial losses.
In contrast to Schiff’s pessimistic view, experts like Timothy Peterson have provided a more hopeful outlook. Peterson’s latest AI forecast for Bitcoin indicates there is still a 75% chance that October may prove beneficial for Bitcoin, with the possibility of prices exceeding $114,000.
At the time of writing, the leading cryptocurrency is trading at approximately $108,280, having dropped to near $107,500 earlier on Thursday. It currently sits 13% below its all-time high.
Featured image from DALL-E, chart from TradingView.com
