Peter Schiff explains how Elon Musk pushed bitcoin to $70,000 with a single photo.

Peter Schiff admits that Elon Musk played a huge role in bitcoin’s rise to nearly $70,000 by 2021. In 2020, when Bitcoin was trading around $10,000, Elon Musk posted a silly tweet that highlighted one man’s inability to choose whether or not to invest in a cheap cryptocurrency.

Peter Schiff revealed that he remains amused after seeing Elon Musk post the same image when bitcoin was at $10,000 and now, when the first crypto currency is struggling to maintain a support level at $16,000. In the event of a breakout, the first crypto-currency will go into a free fall, given the lack of technical support levels until $12,220.

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Peter Schiff is very critical of bitcoin’s performance, unlike gold, BTC has struggled to maintain positive momentum in the market and recently returned to the 2022 low price level.

Peter Schiff once again stated his position on Bitcoin on his official Twitter account, claiming that the first crypto-currency is doomed to fail, given its lack of intrinsic value and real-world use. However, he believes that digital assets like Ethereum, which have their own ecosystem behind them, could win out and make it in the market.

Prior to highlighting Elon Musk’s tweet, Peter Schiff was actively promoting gold’s most recent market rally. Unfortunately, after November 16, the precious metal entered a reversal phase, losing more than 2% of its value over the past few days. However, the technical outlook suggests that the rally is far from over, and gold could continue its upward movement after a minor correction.

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