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Peter Schiff has always been a lot more supportive of gold than the crypto industry. In fact, he never really gave Bitcoin a chance, always having a lot more bearish predictions than most others. However, he was willing to admit his mistake recently, when one of his past predictions was proven wrong.

Back on July 5th, Schiff stated that gold is about to rise, and that, in doing so, it will cause a massive drop in Bitcoin price. These days, everyone knows that this did not happen. Despite the fact that gold rose to a new all-time high last month, Bitcoin itself managed to hit a new YTD high of well over $12k.

Then, yesterday, September 6th, Schiff ended up in a Twitter discussion with the co-founder of Gemini, Tyler Winklevoss. The two discussed this surge to a yearly high, as well as the recent drop below $10k, that came as part of a new bearish wave.

#Bitcoin can just as easily be consolidating before the next breakdown. Consolidations after sharp moves typically continue the move that proceeds them. The more the 10K support level is tested the weaker it gets. Markets rarely give investors that many chances to buy the bottom.

One of Winklevoss’ past predictions is that Bitcoin’s future dips would be $10,000, but Schiff disagreed. Instead, he believed that BTC would go significantly lower, noting that the $10k level will get weaker and weaker the more it is getting tested.

Another Twitter user, Sharkybit, interfered with a screenshot of Schiff’s July tweet that predicted a massive BTC drop as gold surges. Schiff responded to the screenshot, noting that he was right about the gold surge.

I was right on #gold, but wrong on #Bitcoin. The latter did managed to get through resistance and rally up to $12K, thanks in large part to a ride on gold's coattails and a massive TV advertising buy by Grayscale. By falling back to $10K Bitcoin quickly returned to a bear market.

However, he also admitted that he was wrong on Bitcoin. Not only did the coin not drop, it even managed to rise and break through resistances, and even go beyond $12k at some point. However, he believes that this was possible, in large part, due to its ride on ‘gold’s coattails,’ as well as because of Grayscale’s massive TV advertising campaign.

Correlation between BTC and gold was, in fact, quite high — sitting at 68% around early August. Since reaching its ATH, gold dropped by 7%. BTC, on the other hand, lost around 15% of its own price since reaching $12k.

The post Peter Schiff admits being wrong about Bitcoin (BTC) despite the dip appeared first on Invezz.

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