Veteran economist Peter Schiff has issued a new warning regarding Bitcoin, suggesting that it could experience a decline similar to the recent surge in silver prices. Following a significant spike that pushed silver above $79 per ounce for the first time, Schiff expressed concerns that Bitcoin might face the opposite trajectory.
Schiff”s remarks came after traders observed silver prices soar more than 10% in a matter of hours. This dramatic increase, which saw silver rise from $78 to $79 in approximately ninety minutes, drew considerable attention in the financial markets, particularly as silver has been on a strong upward trend for several months.
A TradingView chart highlighted a near-vertical breakout in silver”s price, extending toward historic highs. This momentum not only reinforces the strength of silver but also reflects a broader market sentiment favoring metal assets. The strong performance of crypto-based tokenized commodities, with valuations nearing $4 billion, further indicates that investors are increasingly seeking exposure to alternative assets.
Recent data from CompaniesMarketCap revealed that silver”s market value has come closer to that of NVIDIA, signifying heightened institutional demand and renewed interest in commodities. In contrast, Bitcoin was hovering around $87,000, showing minimal upward movement over the past day, according to CoinMarketCap data. Slight improvements were noted across major cryptocurrencies, but they were overshadowed by the silver surge.
Controversy surrounding silver”s rise has intensified with the release of new data, including a chart indicating that silver”s monthly Relative Strength Index (RSI) has reached its highest level in forty-five years. This reading suggests extreme momentum while raising questions about the sustainability of the current breakout.
Another chart comparing Bitcoin and silver over several years indicates that Bitcoin has been relinquishing relative gains dating back to 2017. This trend underscores how significantly silver has outperformed Bitcoin in this recent rally, prompting investors to reconsider their asset allocations.
