From Investing.com: 2024-04-14 11:00:28

Bitcoin recently experienced a flash crash, dropping to over $61,000, equivalent to 26 ounces of gold according to Peter Schiff. At its peak two and a half years ago, one Bitcoin was worth 37 ounces of gold. Schiff sees this 30% decrease as a signal of a bear market against gold, despite Bitcoin’s current price around $65,000.

Schiff’s past advice to choose gold over Bitcoin below $20,000 has been criticized. Bitcoin’s price is now above the crucial $49,800 support level. Maintaining above this could signal investor faith and potential rebound. Resistance at $67,300 could invalidate bearish sentiment and indicate a bullish reversal.

Consolidating above $61,000 then breaking $67,300 resistance may see Bitcoin regain upwards momentum. Yet, comparing Bitcoin and gold is complex as both serve different functions: gold as a traditional safe haven, Bitcoin as a digital store of value with more risk exposure.

Read more at Investing.com: Bitcoin (BTC) Loses 30% to Gold By U.Today