Peter Schiff and Peter Brandt Clash Over Price Action Bitcoin Turmoil

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As the crypto market came under intense pressure this past Friday, Bitcoin experienced a sharp 5% drop, triggering a fresh round of debates between well-known BTC critic Peter Schiff and veteran trader Peter Brandt. The sell-off prompted Schiff to criticize Bitcoin’s recent performance compared to gold. However, Brandt quickly responded, suggesting that BTC might be on the verge of a bullish breakout against gold.

Schiff’s Support for Gold over Bitcoin

Schiff, a long-standing proponent of gold over Bitcoin, highlighted that BTC exchange-traded funds (ETFs) have seen diminishing gains, falling to under 10% since their launch. In contrast, gold has shown stronger performance, with a 24% increase in value over the same period.

According to Schiff, this underscores gold’s superiority as an investment, particularly as BTC ETF inflows have shrunk significantly in 2024, dipping below $17 billion. Last Friday alone, total outflows from Bitcoin ETFs reached $170 million, with prominent players like Fidelity’s FBTC and Grayscale’s GBTC leading the pack.

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Taking the opportunity to bolster his argument, Schiff noted that investors who opted for gold over Bitcoin ETFs have seen 140% greater returns. For him, this serves as further proof that gold remains the more stable and reliable investment choice.

Brandt Responds

However, Peter Brandt, an experienced crypto trader, countered Schiff’s view by pointing out a technical pattern forming in Bitcoin’s price action relative to gold. Brandt suggested that Bitcoin is developing an inverse head and shoulders pattern, which, if confirmed, could signal a bullish reversal for the world’s largest cryptocurrency.

While acknowledging that BTC may still face some downside risk in the short term, Brandt is optimistic about its longer-term prospects. He indicated that Bitcoin could experience a temporary dip to $46,000 before recovering and resuming its upward trajectory.

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Attack on Michael Saylor

Meanwhile, Schiff didn’t miss a chance to take a jab at MicroStrategy CEO Michael Saylor, a well-known Bitcoin advocate. In a sarcastic tweet, Schiff suggested that Saylor and his company might need another financial bailout, urging them to borrow more funds to purchase additional Bitcoin.

Saylor, on the other hand, responded indirectly, stating that true believers in Bitcoin aren’t inclined to sell during challenging times. To this, Schiff retorted, “If you don’t mind watching your paper profits vanish, then don’t sell your Bitcoin. That makes it easier for those who want to cash out before their gains disappear.”