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U.Today – recently experienced a flash crash and fell to just above the $61,000 mark. According to Peter Schiff, this price is equivalent to about 26 ounces of gold. A famous Bitcoin critic, Peter Schiff, pointed out that at its peak two and a half years ago, one Bitcoin was equivalent to 37 ounces of gold.
Schiff points out that this 30% drop is a clear sign that Bitcoin is entering a bear market, at least compared to the traditional safe-haven gold.
Chart from TradingViewHis previous recommendations favoring gold over Bitcoin when it was trading below the $20,000 mark drew criticism, especially as the price of Bitcoin today hovers around the $65,000 mark despite its volatility.
Currently, the price of digital gold is hovering above the crucial support level represented by the 200-day moving average at around $49,800. If Bitcoin price stays above this line, it could indicate continued investor confidence and a possible recovery. Resistance is visible around the $67,300 level which, if broken, could invalidate bearish sentiment and signal a possible bullish reversal.
As for growth scenarios, a consolidation above the $61,000 level followed by a sustained rise above the $67,300 resistance could see Bitcoin regain its uptrend. Such a move would be crucial in challenging the pessimistic outlook and could be a signal that Bitcoin's gold price is not the only indicator of market health.
However, the comparison between Bitcoin and gold is more complex than you might think, as both assets perform different functions and react differently to the market. Gold is more of a traditional safe haven, while Bitcoin offers higher risk and acts like a digital store of value.
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