Bitcoin is close to reaching $67,000 on Thursday and has been range-bound for close to six months this year. Its price dips to $60,000 and rises to $67,000 almost every month. BTC did not experience a price spurt in Q3 of 2024 and is mostly trading in predictable patterns. Financial analyst and gold proponent Peter Schiff warned that the move could be a Bitcoin bull trap that could wipe out investors’ portfolios.
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Compared to Bitcoin, gold is printing new all-time highs every month in the charts this year. The precious metal surged nearly 13 points to hover at the $2,687 price range on Thursday. It is up more than 0.50% in the day’s trade and has remained mostly in the green this month. While Bitcoin is signaling a bull trap, gold is attracting bullish sentiments in the charts.
“While everyone is focused on the meaningless, Trump-inspired Bitcoin pump, they’re missing the significance of gold hitting another record high, above $2,680. Bitcoin may be up more, but it’s remained range-bound for seven months, as gold sets one record high after another,” said Peter Schiff.
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Bitcoin Bull Trap: Gold Better Option, Say Analyst
Source: FinancialTimes.com
Schiff explained that gold could outperform Bitcoin in the long run as the asset rarely flashes bull trap signals. Even financial analyst Alan Santana approved Schiff’s statements, citing that Bitcoin is indeed flashing bull trap signals. This puts gold as the frontrunner in the investment sector, as investors from all walks of life prefer buying it.
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Source: Alan Santana / TradingView
Analyst Anal Santana took to TradingView to share a chart and highlighted that a Bitcoin bull trap is in the works. “This is not a bullish impulse. This is an inverted correction. Bitcoin is going down. It is a bull-trap,” he wrote. According to Santana, BTC could fall to $39,000 next and will not climb above the $100,000 mark, as predicted by other analysts.
