The Bitcoin $1,000 Forecast Did Not Hold as Gold Declines By 4%

News / 15.01.2020

Some time ago, Peter Schiff predicted a looming decline in the price of Bitcoin to $1000. However, things did not go according to his prediction as the price of BTC is on the upside above $8,500.

According to data from CoinMarketCap and Kitco, the price of Bitcoin increased by 7.5 percent within the previous week while gold declined by 4 percent.

As for XAU against the USD, the price attained highs of $1,610 on January 8 but thereafter fell in a dramatic manner. At press time, the price was at $1,546.

Cryptocurrency enthusiasts apparently see the trend coming as geopolitical troubles centered on Iran appear to beacon the price performance of BTC. However, some do not agree while there is a common theory suggesting that both Bitcoin and gold benefit from such political upheaval. Some now consider the correlation much less convincing.

On January 13, analysts at Dukascopy in Switzerland said it seems that a reversal should happen for some time because gold has been overbought. Besides, they said that XAU against the USD may experience an additional decline to $1,500 support soon.

The individuals who preferred gold to Bitcoin experienced more pressure due to the underwhelming progress for gold piles.

About two months ago, Schiff, a renowned cryptocurrency critic, said BTC against the USD was showing a price pattern he called “head-and-shoulders” and would soon decline to $1,000. The last time the price of BTC reached $1000 was in early 2017.

Schiff’s claim has failed to happen even as Bitcoin beat gold as an investment opportunity in 2020. Seventeen days ago, Schiff said in a tweet that Bitcoin was the only asset not rallying.

 

Source: Cryptopress.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.