Peter Schiff has issued a fresh warning about Bitcoin after silver recorded a dramatic price surge. The veteran economist said Bitcoin may face the opposite outcome of silver’s rally.
Also, he expects any move to unfold faster because market declines often accelerate under pressure. His comments followed a sharp intraday jump in silver prices that pushed the metal above $79 per ounce for the first time.
Is Silver’s Rally Accelerating Investor Shift to Commodities?
Schiff shared his view on X after traders watched silver climb more than 10% within hours. Market data showed the rally took silver from $78 to $79 in about ninety minutes.
The move attracted global attention because the metal has already been in a strong uptrend for months. A TradingView chart showed a near-vertical breakout as price extended toward new historic territory.
The momentum of Silver also gives more strength to the wider market’s perspective concerning metal assets. The good performance of crypto-based tokenized commodities is also a reflection of this trend. Their rise towards $4 billion in overall evaluation indicates that more investors want exposure to alternative assets.
Recent CompaniesMarketCap data showed that silver has narrowed its difference with NVIDIA in terms of overall market value, which indicates high institutional demand and renewed investor attention on commodities.
Is Bitcoin Losing Ground to Silver?
In the meantime, the price of BTC was close to $87,000 with little upward movement in the last day. Small intraday improvements were also seen in major cryptocurrencies, per CoinMarketCap data.
New information has also fueled controversy on the silver surge. A new chart shows silver’s monthly RSI at its highest level in forty-five years.
This level signals extreme momentum and raise questions about sustainability. The reading also highlights how aggressive the current breakout by silver has become.
Another market chart compares Bitcoin against silver on a multi-year basis. The chart shows Bitcoin giving back relative gains that stretched back to 2017. The move is an indication of how fast silver has fared better than BTC in the recent rally.
Source: https://coingape.com/peter-schiff-warns-bitcoin-could-mirror-silvers-rise-in-reverse/