The meteoric rise of Bitcoin exceeds $ 110,000 surprised the financial world, even leaving its most powerful criticisms rushing for words. The crypto-major rally sparked an ardent exchange on X, with the gold defender Peter Schiff in the center of the storm.
Known for his relentless skepticism, Schiff’s reaction to Bitcoin’s rise was unexpectedly, which was enough to trigger debates on the future of digital and traditional assets.
Will Bitcoin go beyond Gold’s market capitalization?
Responding to an X user, Peter Schiff says, “highly improbable” that Bitcoin will take over gold in terms of market capitalization of any time. He quotes that with the constantly increased market capitalization of gold, Bitcoin is far from competition.
Currently, gold, at the top, has a market capitalization of $ 22.526 T. Bitcoin is in 6th place with a market capitalization of 2.176 T. In simple terms, gold is 10 times larger than bitcoin in terms of market capitalization.
Later, he joked: “Never say”, in response to a question about the volatility of Bitcoin, which implies that the cryptocurrency market is erratic. Bitcoin may never go below $ 100,000 again, according to several analysts, stressing how strong this race was.
Bitcoin technical power game
Bitcoin recovery, against a peak of $ 112,000, found firm support for EMA 26 days around $ 105,000. Buyers pushed the price after the 50 -day EMA almost $ 102,000, raising the critical bar of $ 110,000.
With the RSI climbing above 60 and the volume of trading increasing, the rally reflects a real demand, not only the shortcut. The following resistance zone, between $ 112,000 and $ 113,000, is looming, where liquid clusters culminated in May.
The road to new heights?
The technical point of view remains optimistic, the bitcoin holding above 26-wema and cleaning the 50 and 100-EMA (around $ 97,500). If the momentum lasts, new heights of all time could be at hand.
While Schiff remains firm, the crypto world looks: will the Bitcoin overvoltage force a rethought, or is it a rally an ephemeral spark?
