The Bitcoin Bear market is here … or at least that is what Peter Schiff thinks

Bitcoin critic Peter Schiff has doubled his position and this time claims that the flagship is cryptocurrency in a bear market.

However, the crypto community pushed back against his comments, with many who argued that his analysis was too heavily dependent on data in the short term.

BTC Down 20% against gold

The economist rejected Bitcoin in a post of September 24 on X, which states that “his hype does not live up”. He pointed out that the cryptocurrency has fallen 20% against gold since the peak of Augustus, a fall that he said is on the territory of Bear Market.

Schiff added that, since the crypto -actively promoted as “digital gold”, the drop terms of 20% is relatively more than the fall in the dollar of 10%.

Bitcoin recently experienced a competitive correction that it lowered more than 8% than his all times of $ 123,800 on 13 August to a recent 13-day low of $ 112,200 on September 22. On the other hand, gold continued to put fresh highs this year and climb more than 11% in the past month.

This is not the first time that Schiff has made such claims. A few days ago, he predict That the steady strength of the metal can form the scene for an outbreak while the counterpart keeps sliding. His vision is supported by analyst StockMoney Lizards, who pointed To a bearish rising wedge in the pattern of the leading cryptocurrency.

The graph of the latter shows $ 112,000 as the immediate level of support, with $ 110,000 identified as the critical threshold, which means that a break under that point can indicate a deeper decline.

Crypto community fires back

Crypto supporters have rejected Schiff’s Bearish prospects, accusing him of not invoicing in the long-term dominance of the digital asset. Some claimed He has been “moving the goal posts” by measuring Bitcoin in gold, pointing that the cryptocurrency is still triple figures against the metal in the past five years. Others rejected His argument that a decrease of 20% was a bear market and said that “in Crypto, a 20% dip is a” bear market “as a drizzle calling a liquid.”

Another X user marked The long -term dominance of the leading digital asset and notes that the gold in Bitcoin has collapsed over the past decade with 99.3%, decreased from around 4,84 BTC per ounce in 2015 to only 0.033 BTC today.

The 62-year-old has remained ruthless in his bearish attitude. According to the artificial intelligence platform Grok, he has made 237 separate predictions since 2011 that Bitcoin’s crash, collapse or ultimate worthlessness predicts.