Bitcoin’s meteoric climb past $110,000 has surprised the financial world, leaving even its most powerful critics scrambling for words. The crypto major’s rally sparked a fiery exchange on X, with gold advocate Peter Schiff at the center of the storm.
Known for his relentless skepticism, Schiff’s reaction to Bitcoin’s surge was unexpectedly candid, which was enough to spark debates about the future of digital and traditional assets.
Responding to a X user, Peter Schiff says, ‘highly unlikely’ that Bitcoin will take over gold in terms of market cap anytime soon. He cites that with the steadily rising market cap of gold, Bitcoin is nowhere near the competition.
At present, Gold, at the top, has a market cap of $22.526 T. Bitcoin sits at the 6th spot with a $2.176 T market cap. In simple words, Gold is 10x times bigger than Bitcoin in terms of market cap.
Later, He quipped, “Never say never,” in response to a question on Bitcoin’s volatility, implying that the cryptocurrency market is erratic. Bitcoin may never go below $100,000 again, according to several analysts, highlighting how strong this run has been.
Bitcoin’s recovery from a May peak of $112,000 found firm support at the 26-day EMA around $105,000. Buyers pushed the price past the 50-day EMA near $102,000, breaching the critical $110,000 mark.
With the RSI climbing above 60 and trading volume rising, the rally reflects genuine demand, not just short-covering. The next resistance zone, between $112,000 and $113,000, looms large, where liquid order clusters peaked in May.
The technical viewpoint remains bullish, with Bitcoin holding above the 26-EMA and clearing the 50 and 100-EMAs (around $97,500). If momentum lasts, new all-time highs could be within reach.
As Schiff stands firm, the crypto world watches: will Bitcoin’s surge force a rethink, or is this rally a fleeting spark?
Not soon—gold’s market cap is $22.5T, about 10x larger than Bitcoin’s $2.1T, though crypto growth continues.
As per Coinpedia’s BTC price prediction, the Bitcoin price could peak at $168k this year if the bullish sentiment sustains.
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