Peter Schiff claimed BTC’s Q2 performance will be “worse” than gold and silver.On the quarterly front, the drop translated to a 7% drop in Q2. But BTC barely held on the $66K level at press time.Recent stronger inflation data has unsettled interest rate traders as the odds of Fed rate cuts in June dim.
As a result, market performance has been dismal in the Bitcoin case and across major indices like S&P 500, Dow Jones and Nasdaq. Dow Jones was down 1.34% on the weekly front. Interestingly, as Schiff noted, silver and gold saw impressive upsides. In fact, he took advantage of the BTC slump to“Attention Bitcoin HODLers. This may be your last chance to sell your #Bitcoin and buy some gold and silver at favorable prices.”Schiff confidently told the user that Bitcoin would be worse off than gold and silver, even at the end of Q2.
“The fact that bonds are selling off while gold just moved 15% higher is telling you absolutely everything you need to know about macro right now.” Indeed, Q2 is too early to dismiss BTC’s performance as dismal. However, macro headwinds could equally affect the BTC upside if they persist in Q2.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.