The price of Bitcoin experienced a sharp decline over the past 24 hours, falling to $108,388 at press time. Trading volume also dropped significantly to just $83.3 billion. Peter Schiff, the well-known bitcoin permabear, seized on this downturn, doubling down on his prediction that gold is more likely to reach a million dollars than Bitcoin. His statement came as Gold’s market capitalization surpassed $30 trillion, reaching a new all-time high.
Schiff’s latest prediction garnered mixed reactions. Binance co-founder Changpeng Zhao jokingly responded, acknowledging his claim about 1%.
Meanwhile, the Bitcoin price faces downward pressure from several factors. Jack Dorsey, CEO of Square and outspoken Bitcoin advocate, calls for privacy-focused messaging app Signal to integrate Bitcoin via a campaign known as “Bitcoin for Signal.”
Newsmax, a US media company, has taken an unconventional step by building a digital asset reserve centered around BTC and Donald Trump’s meme coin, TRUMP. The company will purchase up to $5 million worth of both assets over the next year.
This decline comes after a significant price correction from its October high near $125,700.
Technical analysis reveals that Bitcoin’s short-term and mid-term trends are bearish, with the price currently testing significant support levels around $108,388. A