Gold Guru Peter Schiff believes that bitcoin gives crucial Support at $9.000 “”

Bitcoin flirts again with the increasingly important support level of $ 9,000.

Yesterday, the crypto-currency in a 100-Dollar movement, which unfolded over 30 minutes, fell briefly below $ 9,000. At this time BTC crashed to most of the major spot and futures exchanges to 8.910 $ and LIQUI million was in command of it.

Fortunately for the bulls recovered in Bitcoin since then, from the local lows. At the time of writing, the crypto was traded currency for 9.040 $ – a price at which the Asset remained during the greater part of the past day.

According to the prominent gold Peter Schiff bulls BTC will not hold for long, however $ 9,000.

Gold bull Peter Schiff: Bitcoin is not to keep $ 9,000 probably

Both Gold and Bitcoin in the last two weeks caught in a loop of waiting. Gold tried to overcome the 1,800-$mark, while Bitcoin tries to come under the 9,000-$brand.

According to Peter Schiff, CEO of Euro Pacific Capital, will experience both assets soon to their respective breakthrough. Ship, on 5. July:

“Gold seems to break resistance just under 1.800$, while Bitcoin is broken at the same time to support just over 9,000 $. I expected that both the resistance and the support would give way, because Gold rises in the Wake of the collapse of Bitcoin by leaps and bounds.“

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Ship adds in a reply to the above Tweet, that those who claim that Bitcoin is digital Gold”, a “mistakes” to be “.

Gold and BTC are actually correlated, analysts say

Ship believes that Bitcoin will fall in a rising gold price is below $ 9,000 – however, not everyone of them is far from convinced.

Mike McGlone from Bloomberg has published in June a report, therefore a strong correlation between the precious metals and BTC is:

“The same forces that give a boost to Gold, to support Bitcoin, but the supply of Kryptos is reduced… of The growing community with Gold is, in our view, a back wind for the Bitcoin price. At the highest since the 52 weeks of existing correlation and the highest ever reached Beta towards the metal, the first-born crypto-currency is likely heats for similar reasons as Gold, by the unprecedented easing of global Central banks, continue to move forward“.

This correlation should continue to be of importance, it means that any recovery in the price of gold with a recovery of Bitcoin should go hand in hand.

Gold is preparing for a more generous recovery than in the past, several analysts from Wall Street banks.

Lisa Shalett, Chief Investment Officer of Morgan Stanley Wealth Management, thinks the Dollar could fall soon, which would correspond with a recovery in the precious metals:

“The Dollar could be approaching a climax. If the Dollar becomes weaker, this could be for certain investors, a good time to take into consideration, some Gold in their Portfolios include.“

This optimism is also mirrored by Goldman Sachs, whose analysts have recently written that Gold grew in the early phase of economic recovery, historically.

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