- Economist Peter Schiff slams Bitcoin and calls it a dud.
- Schiff compares gold and Bitcoin and remarked that gold is trading high.
- However, BTC shows an uptrend for the past three days.
Economist Peter Schiff is up with another comment on crypto bellwether Bitcoin (BTC). Earlier today, on Twitter, Schiff compared the value of gold and Bitcoin by stating Gold wears a fresh look in 2023 with some fireworks of its own, whereas, Bitcoin is a dud.
Schiff tweeted that Gold is already up over $15 and trades above $1,840, which is a big move early on a Monday evening of a holiday weekend. “It’s even more significant given that it’s the first trading day of the new year. Gold looks poised to start 2023 with some fireworks of its own. Bitcoin is a dud”, he added. However, Bitcoin is showing some glimpses of a surge since the beginning of 2023. As clear from the graph, BTC shows a gradual uptrend reaching a price of $16,800, in the past day. Currently, the coin is clocked at $16,720.
Bitcoin’s current price can also be considered as its shortest support zone, which it could overtake in the upcoming days. Another indicator that Bitcoin will continue this trend is EMA 20-day. The EMA line tapped the current green candle, paving a way for a further hike.
Significantly, if BTC should shoot up to the sky, it should reach at least near the $16,920 resistance zone. And, if BTC fails to keep this trendline, it would again dip to the $16,420 support zone.
As the crypto market blinks green, major coins have also spiked in the past 24 hours including XRP, (0.89%), Polygon (0.53%), Polkadot (0.97%), etc. However, there are some coins that flashed red signals. This includes Ethereum (-0.02), Dogecoin (-0.70%), Litecoin (-0.15%), and many more.
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