Bitcoin Surges Past $110,000, Gold Advocate Schiff Skeptical
1min readBitcoin's recent surge past $110,000 has left the financial world in awe, with even its most vocal critics struggling to find the right words. The cryptocurrency's rally has sparked intense debates, particularly on social media platforms, with gold advocate Peter Schiff at the center of the controversy.
Schiff, known for his persistent skepticism towards Bitcoin, responded to the cryptocurrency's meteoric rise with a candid and unexpected reaction. He stated that it is "highly unlikely" for Bitcoin to overtake gold in terms of market capitalization anytime soon. Schiff pointed out that gold, currently at the top with a market cap of $22.526 trillion, is significantly larger than Bitcoin, which sits at the sixth spot with a market cap of $2.176 trillion. In simpler terms, gold's market cap is ten times larger than Bitcoin's.
When questioned about Bitcoin's volatility, Schiff quipped, "Never say never," acknowledging the erratic nature of the cryptocurrency market. Several analysts have highlighted that Bitcoin may never go below $100,000 again, underscoring the strength of its recent run.
Bitcoin's technical performance has been impressive, with a recovery from a May peak of $112,000 finding firm support at the 26-day Exponential Moving Average (EMA) around $105,000. Buyers pushed the price past the 50-day EMA near $102,000, breaching the critical $110,000 mark. The Relative Strength Index (RSI) climbing above 60 and rising trading volume indicate genuine demand, not just short-covering. The next resistance zone, between $112,000 and $113,000, is where liquid order clusters peaked in May.
The technical outlook for Bitcoin remains bullish, with the cryptocurrency holding above the 26-EMA and clearing the 50 and 100-EMAs (around $97,500). If the momentum continues, new all-time highs could be within reach. As Schiff maintains his stance, the crypto world watches with bated breath, wondering if Bitcoin's surge will force a rethink or if this rally is merely a fleeting spark.
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