Gold Investor Peter Schiff Believes Bitcoin’s Bottom Won’t Hold

The outspoken Bitcoin naysayer and gold investor Peter Schiff is in the latest cryptocurrency news for stating that the “2019 low will not hold” and addressing Bitcoin’s lack of volume during the recent bull run.

In fact, this analyst was prepared to say anything about Bitcoin – which first started when the price of BTC skyrocketed from 2019 lows in the $3,000 to $4,000 range to a local high of $13,800. Now that Bitcoin is struggling to sustain the $10,000 level – the gold investor Peter Schiff has a lot to say. His theory could potentially be put to the test in the months ahead of us.

In the past couple of months, Peter Schiff has commenting crypto more than expected. He was featured by many best cryptocurrency news sites for bashing Bitcoin, calling its rise a sucker’s rally and whatnot else – but also polling users on how to spend his own Bitcoin and inviting influencers onto YouTube livestreams to debate Bitcoin as an asset class. It appears that the gold investor had been warming up to the idea that Bitcoin could become a digital counterpart to gold. It is clear that Schiff has heavily invested in gold, owning precious metal investments in the firm SchiffGold.

However, he is right back to the talking doom and gloom about Bitcoin and crypto in general. His new tweet blasts the low volume that was noted during the previous Bitcoin rally – and how it ranks when compared to the infamous 2017 bull run. As the gold investor noted, the “2019 low will not hold” suggesting that the bear market may not be over and the bottom may not be actually set.

Even though he suggested that the bottom is not in after a $10,000 rise from the 2019 lows (which does sound unrealistic) he also said that Bitcoin’s price is suddenly struggling with $10,000 which is not a sign of strength or the intense buying which was supposed to occur once BTC returned to these levels.

On the other side of the story, we have the Bitcoin bulls such as Tom Lee and Michael Novogratz predicting new highs in the range of $20,000 to even $200,000 in a five year span. The altcoin news seem pretty much linked to Bitcoin’s performance – and there aren’t many headlines about alts these days.