Here is the scenario where Bitcoin is likely to rise: Peter Schiff

Here is the scenario where Bitcoin is likely to rise: Peter Schiff

Youri Molchan

The chairman of SchiffGold and vocal critic of Bitcoin has suggested a scenario in which the price of Bitcoin could start to appreciate; yet he doesn’t seem to believe it

Peter Schiff, great enemy of bitcoin and gold bug took to Twitter suggest an unrealistic scenario in which the price of BTC could start to rise. However, even if what he described were to happen, he said there would be no need to own Bitcoin.

Here is what is needed for the price of BTC to rise

Schiff tweeted that for Bitcoin to start rising, the NASDAQ index needs to start appreciating (since these two have shown a strong correlation recently) and gold needs to drop in price, instead of appreciating now.

Other than that, the gold bug added, the US Federal Reserve must guarantee inflation to fall to 2% without hurting the economy, and that cannot be achieved, he pointed out, only if rate hikes are minimal, alongside government spending cuts. seriously.

However, in this case, Schiff says, you don’t want to own Bitcoin because things would be sound enough without people having to own it.

In a previous tweet, Schiff wrote that he wait for NASDAQas well as the S&P 500, falling -50% and 30%, respectively, as the Fed is set to begin its rate hike this week, which has already sent Bitcoin down to the $38,422 level.

Schiff Warns Bitcoin Holders as Meme Stocks Plunge

Before that, the chairman of SchiffGold posted another tweet, warning Bitcoin bag holders of another price crash that he says is coming soon.

The reason is, according to Schiff, that meme stocks are now collapsing. For example, GameStop fell 15% for the second straight day, now trading below $79, more than 80% from the all-time high reached in 2021.

AMC is also posting a 5.5% decline today, Schiff pointed out, stating that Bitcoin is the next asset to slump in this line.

Bitcoin goes down after a small recovery

After a huge hourly red candle that took the flagship cryptocurrency from $38,821 to the $37,630 level (minus 3.10%) on March 13, the next day Bitcoin managed to recover to $39,304, adding 4.45% on EU vote against banning proof-of-work crypto mining operations.

Then a small appreciation to $39,916 followed after a slight price decline.

Today, March 15, the world’s leading digital currency lost 4.16% to $38,146 from $39,803. Right now, however, BTC is up a bit, hitting $38,556.

Picture via TradingView