Well-known bitcoin critic Peter Schiff has indirectly recognized mistakes in his predictions after the coin did not “collapse” when gold rose to a new all-time high on Aug 17.
Schiff predicted the Bitcoin price by twitting with Tyler Winklevoss. Winklevoss predicted the digital asset’s baseline for all future dips would be $10,000, Schiff was decidedly more bearish, stating Bitcoin (BTC) could be consolidating before a crash.
“The more the 10K support level is tested, the weaker it gets. Markets rarely give investors that many chances to buy the bottom,” Schiff wrote.
A twitter user Sharkybit reminded Schiff of his prediction that the price of bitcoin will fall as gold rises.
“I was right on gold, but wrong on Bitcoin. The latter did manage to get through resistance and rally up to $12K, thanks in large part to a ride on gold’s coattails and a massive TV advertising buy by Grayscale,” said Schiff.
The one-month correlation between gold and Bitcoin reached a record high of 68% in early August, according to Skew Analytics data. Bitcoin’s price is currently valued at $10,251, having fallen 15% since first rising above $12,000 this year on Aug 2. On the other hand, the price of gold is $1,934 per ounce, dropping 7.1% since reaching an all-time high of $2,089.