Peter Schiff explains how Elon Musk raised Bitcoin to $70,000 with just one photo.

Peter Schiff admits that Elon Musk played a huge role in pushing Bitcoin up to nearly $70,000 in 2021. In 2020, when bitcoin was trading around $10,000, Elon Musk posted a silly tweet highlighting a person’s inability to choose whether or not to invest in a cheap cryptocurrency. .

Peter Schiff revealed that he is still surprised to see Elon Musk post the same image when Bitcoin was at $10,000 and now that the main cryptocurrency is struggling to maintain support at $16,000. In the event of a breakdown, the first cryptocurrency, given the lack of technical support levels, will plummet to $12,220.

Peter Schiff is very critical of bitcoin’s performance, unlike gold, BTC has struggled to maintain positive momentum in the market and recently returned to its lowest price level in 2022.

Peter Schiff reaffirmed his stance on Bitcoin on his official Twitter account, stating that the first cryptocurrency is doomed given its lack of intrinsic value and real use. However, he believes that digital assets such as Ethereum, which have their own ecosystem behind them, can prevail and find their place in the market.

Before highlighting Elon Musk’s tweet, Peter Schiff was heavily promoting the recent gold rally in the market. Unfortunately, after November 16, the precious metal entered a reversal phase, losing more than 2% of its value over the past few days. However, the technical outlook suggests that the rally is far from over and gold may continue to move higher after a slight correction.

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