Goldbug Peter Schiff Calls For Bitcoin To Close 2019 at A Loss

Tony "The Bull" Severino

Last Updated: December 18, 2019 7:00 pm

2 mins read

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At the start of 2019, both Bitcoin and gold began to rally alongside one another, fueling the Bitcoin as a safe haven asset narrative that permeated the finance industry during the run-up of the two assets.

Gold has since taken a pause, while Bitcoin has entered a downtrend, wiping out as much as 50% of the asset’s rally this year. Now, a prominent gold investor and crypto critic is calling for Bitcoin to close the year at a loss, much like other crypto assets across the industry have.

Goldbug Peter Schiff Takes Shot at Bitcoin, Calls For Yearly Close at a Loss

The year started off with fears of a global recession climbing due to an ongoing trade war between the United States Trump administration against China. The worry that flooded the markets caused stocks to tumble, and safe-haven assets like gold and others to start to rally.

The digital counterpart to the safe-haven asset gold, Bitcoin, also began to rise as a result. The crypto asset went on a parabolic rally alongside gold, causing many investors to view the first-ever cryptocurrency not only as a store of value, or payment currency, but also as a safe haven asset much like the precious metal has served throughout history.

Gold is bought by investors as a hedge during economic crisis, during times when stocks and other markets begin to collapse. And while Bitcoin and other cryptocurrencies had just come away from a year-long downtrend that erased as much as 80% or more of the asset’s values, the narrative stuck and investors FOMOed into Bitcoin.

But the rally eventually ended, and Bitcoin has since fallen by as much as 50% to current prices from the peak. Before Bitcoin topped out, outspoken crypto critic and goldbug, Peter Schiff, called the parabolic rally nothing more than a sucker’s rally, and unfortunately, given Bitcoin’s following downtrend, he may have been correct.

Earlier this year Ether, the #2 crypto by market cap was up over 150%, and now it's down YTD. Ripple, the #3 crypto, has also give up its earlier gains and is now down over 50% YTD. There are still plenty of trading days left in the year for #Bitcoin to end 2019 with a loss!

— Peter Schiff (@PeterSchiff) December 18, 2019

Now that Bitcoin has reached lows from 2018’s bear market once again, Peter Schiff is now calling for the crypto asset to close 2019 at a loss, after rising over 350% from the current low of $3,100. His prediction is partly based on the fact that both Ethereum and Ripple set new year-to-date lows recently and expects BTC to follow.

Bitcoin price closed January 1, 2019, at roughly $3,800. The leading cryptocurrency by market cap would need to drop another 44% from current values to reach such a number. And while anything is possible, a reversal and downtrend low may be being put in at this very moment, after a $500 surge occurred following a sweep of local lows.

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Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.