Peter Schiff once again refutes the idea of Bitcoin being digital gold while JP Morgan predicts that BTC will outperform gold.

Well-known economist and $BTC critic Peter Schiff has boldly claimed that Bitcoin is nothing like gold and he goes on to explain why he thinks so. His latest criticism of the flagship crypto comes amid JP Morgan's prediction that BTC will outperform the precious metal.

Bitcoin is the antithesis of gold, says Peter Schiff

In an X-post, the market expert asserted that Bitcoin is not equivalent to gold, despite BTC's tagline 'digital gold'.



As such, he believes the flagship crypto is not a safe haven, unlike gold, which typically rises when macro fundamentals are negative.

However, contrary to Schiff's theory, the price of $BTC rose even while tensions were still high in the ongoing trade war between the US and China.

The flagship crypto was already trading below $100,000 before China revealed that trade talks would take place on May 10.

Schiff’s statement comes just as JPMorgan analysts predicted that Bitcoin would outperform gold in the second half of the year.

They expect this to happen thanks to drivers such as increased demand from institutional investors and pressure from US states to build strategic bitcoin reserves. Firms like Strategy continue to collect BTC at an impressive rate.

JP Morgan analyst Nicolas Panigaertzoglou said,

We expect the year-to-date zero-sum game between gold and bitcoin to extend through the rest of the year, but are biased toward crypto-specific catalysts that create more upside for bitcoin than gold in the second half of the year.

The next move for the BTC price

$125,000 is still in play for the price of Bitcoin, according to Titan, the crypto analyst of Crypto. This highlighted an upside head and shoulders pattern on BTC's chart, which is developing. Based on this, he emphasized that the target remains valid.

In another update on the current price action, the titan of crypto noted that $BTC showed strength with a strong reaction from the daily fair value gap at $100,000 despite much lower price demand. He added that as long as this zone is maintained, the setup is fast.

In an X post, crypto analyst Ali Martinez noted that $98,732 is a big demand zone, with 1.19 million wallets holding more than 1 million BTC.

He also revealed that there has been a lot of profit this week, with the wheel selling over 30,000 BTC in the last 72 hours.

However, while the wheels are selling off, companies like Basel Medical Group are trying to gain exposure to Bitcoin. The company announced plans to acquire $1 billion of BTC for its treasury reserves.

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