Peter Brandt Says BTC Price Forming Strong Bullish Pattern, Peter Schiff Teases Michael Saylor
Highlights
- Peter Schiff noted that Bitcoin ETF gains have dropped to under 10% while gold has risen by 24%.
- Schiff also took aim at MicroStrategy CEO Michael Saylor, saying Bitcoin needs a financial bailout.
- Peter Brandt corrected Schiff saying BTC is forming a bullish pattern against Gold.
The broader cryptocurrency market has recently come under strong selling pressure amid the collapsing tech stocks in the US equity market on Friday. With the BTC price crashing 5%, Bitcoin critic Peter Schiff took a jibe at the asset showing how it is underperforming to Gold. However, popular crypto trader Peter Brandt soon corrected Schiff showing how the Bitcoin price is forming an inverse head and shoulders pattern against Gold. A breakout from this pattern would be bullish for the world’s largest crypto asset.
Peter Brandt Shows BTC Price Strength Against Gold
After the broader crypto market crash on Friday, Peter Schiff took this opportunity to point out the stark investment difference between gold investments and Bitcoin ETFs. In his recent statement, Schiff noted that Bitcoin ETF gains since their launch have dropped to just under 10%, while the price of gold remains up by 24%.
Over the past two weeks, the Bitcoin ETF outflows have skyrocketed with total inflows in 2024 dropping under $17 billion. On Friday, the total ETF outflows stood at $170 million with Fidelity’s FBTC and Grayscale’s GBTC leading the rout.
Schiff stated that investors who chose gold over Bitcoin ETFs saw 140% greater returns thereby reinforcing his stand that Gold is a more valuable investment than BTC. However, Peter Brandt chipped in stating that the BTC price has a greater room over Gold moving ahead as the inverse head and shoulder pattern shows a breakout is coming.
Peter, your comments need to be put into the perspective of a long term chart. The $BTC/GC_F ratio could dip into the high teens, but massive continuation inverted H&S is forming — favoring Bitcoin https://t.co/Gld8cb2RQV pic.twitter.com/rwJgY24b57
— Peter Brandt (@PeterLBrandt) September 6, 2024
However, the BTC price could lose more ground to gold before resuming the uptrend, with Peter Brandt expecting a Bitcoin price drop to $46,000 earlier this week.
Bitcoin Needs A Bailout Says Peter Schiff
Gold advocate Peter Schiff called out MicroStrategy CEO Michael Saylor adding that Bitcoin is in need of another financial bailout. In a sarcastic tweet, Schiff asked Saylor and his team to borrow another billion dollars to purchase more BTC, implying that the world’s largest asset requires a bailout.
As we know, Schiff is a long-term opponent of BTC while criticizing Saylor for adding a large stash of BTC to MicroStrategy’s BTC holdings. Michael Saylor hasn’t responded directly to Schiff instead has just tweeted that believers don’t sell their BTCs in such tough times.
Attention @saylor—#Bitcoin needs another bailout. It's time for $MSTR to take one for the team and borrow another billion dollars to buy more.
— Peter Schiff (@PeterSchiff) September 6, 2024
Responding to this, Schiff stated: “If you don’t mind watching your paper profits vanish than don’t sell your Bitcoin. That makes it easier for those who want to realize their gains to cash out before they are gone”.
As of press time, the BTC price is trading 5% down at $54,012 with a market cap of $1.066 trillion. Market analysts are predicting a Bitcoin price crash under $50,000 by this weekend.
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