Peter Schiff, a well-known critic of cryptocurrency, believes that Bitcoin has been stuck in a bear market for years.
Schiff points out that Bitcoin is down 34% compared to gold since its peak in November 2021. On Saturday, Bitcoin sudden price drop to an intraday low of $59,839, the lowest since July 14.
Meanwhile, gold has surged to a new high, surpassing $2,500 per ounce. Earlier this week, Schiff predicted that creditors might push MicroStrategy, the largest corporate holder of Bitcoin, to sell off its Bitcoin holdings.
Bitcoin sentiment shifts from greed to fear
The latest “Fear and Greed” index for Bitcoin reveals mounting unease among traders, with the gauge now at 34 out of 100.
According to BTCPronews, Bitcoin saw a dramatic shift in sentiment last month, quickly moving from fear to greed in under a week thanks to a strong price rebound. This time, however, Bitcoin has swung from its highest optimism in 16 months to fear in a similar short period.
The recent Bitcoin sudden price drop is linked to concerns that the U.S. might be heading toward another recession, following the latest economic reports.
At the time writing BTC is trading $60,580, and its down over 1.50%.
