Bitcoin News

The Bitcoin (BTC) price bottomed at exactly the point that gold bug Peter Schiff said that it would crash further — and proponents are reminding him of his mistake.

Retweeting a now infamous Twitter post that Schiff made in mid March, popular trader “CryptoBull” noted that he had accidentally called Bitcoin’s bottom, not top.

Schiff tweet “marks exact bottom” for BTC

Schiff was complaining that he had lost access to his Bitcoin wallet, but that soon it wouldn’t matter, because BTC/USD would keep crashing.

“With Bitcoin crashing below $4,000 I don’t feel so bad about having lost all my Bitcoin,” the tweet read.

“At the rate my lost Bitcoin are losing value soon the difference between having Bitcoin and not having any Bitcoin will be too small to matter.”

At the time, Bitcoin was trading near its 2020 lows of $3,600. On Tuesday, eight months later, CryptoBull did not mince wordsas the asset hit $17,000.

“This tweet marked the exact bottom aka point of maximum opportunity,” he wrote.

Bitcoin has vastly outperformed gold over the past month, with a divergence between the two assets becoming increasingly conspicuous.

Bitcoin vs. gold 3-month chart. Source: Skew

Supply gap looms large

Bitcoin was up 375% from Schiff’s “top” at press time, challenging its all-time highs from 2017 amid fresh forecasts that it would continue climbing thereafter.

“Since Bitcoin was at $11.4K a month ago, miners have been selling an average 11 BTC per hour at exchanges,” statistician Willy Woo explained regarding the current market composition driving the gains.

“In comparison 214 BTC per hr has been scooped off exchanges. This is net flows of buyers over sellers. This week’s average is 328 BTC per hr.”

As Cointelegraph reported, the simple supply versus demand equation firmly favors further upside for Bitcoin, this coming thanks to corporate demand from the likes of PayPal, Square and investment giant Grayscale.

Paxful, PayPal’s payment handler for its cryptocurrency feature, saw a 500% volume increase over the past month.

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