by Coinstrooper Crypto Articles
Quick Take
  • In the same breath was quick to praise his preferred asset, precious metals, noting Gold is now above $4,430 and silver is above $66.25.
  • I’m not sure why Bitcoin didn’t sell off today, but the rally gives HODLers another opportunity to sell.
  • There isn’t much upside above that level, but plenty of downside below.
  • Bitcoin’s recent price rise towards $65,000, likely answer sits in Washington rather than on-chain.

What Happened

In the same breath was quick to praise his preferred asset, precious metals, noting Gold is now above $4,430 and silver is above $66.25.

Another Attack on Bitcoin by Schiff

I’m not sure why Bitcoin didn’t sell off today, but the rally gives HODLers another opportunity to sell. Any ideas what’s propping it up? Remember, $65K is resistance. There isn’t much upside above that level, but plenty of downside below.

Market Context

Bitcoin (BTC) climbed back above $64,000 on Monday, and Peter Schiff, the Euro Pacific Capital economist and longtime Bitcoin skeptic, wasted no time calling the move a selling opportunity rather than a turning point.

Schiff posted on X that he was unsure why Bitcoin failed to sell off, adding that the rally gave holders another chance to exit before resistance caps further gains.

Bitcoin’s recent price rise towards $65,000, likely answer sits in Washington rather than on-chain. Goldman Sachs chief economist Jan Hatzius called a September Federal Reserve rate hike “very unlikely” in a Sunday note, citing soft retail sales, weak jobs data, and cooling inflation.

Traders now price just a 30.6% chance of a hike next month, down sharply from a week earlier, according to CME FedWatch data.

Lower rate expectations typically ease borrowing costs and boost demand for Bitcoin and other risk assets, a dynamic that has already helped BTC break out of its recent range. The move also lines up with a broader crypto market rally that started earlier this week.

Schiff’s skepticism is not new. He has publicly declared Bitcoin dead or doomed more than 20 times since 2011, when the cryptocurrency traded near $17. Earlier this month, he pointed to a bond market selloff as another reason to favor gold over Bitcoin.

Why It Matters

Fed Rate Bets Fade, Lifting Risk Appetite

He has also argued Bitcoin could crash below $20,000 once it lost the $50,000 level, a call that has not yet materialized.

Whether $65,000 holds as resistance this time may depend more on incoming inflation data and the Fed’s September meeting than on any single skeptic’s timeline.

Details

Schiff’s Decade of Bearish Calls

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