Peter Schiff Urges Bitcoin Buying as BTC Price Eyes Breakout

Key Insights:

• BTC price recovers as Peter Schiff urges selling Ethereum to buy Bitcoin.
• Analysts predict massive breakout in ETH price to $10k ahead.
• Market experts see more upside more Bitcoin price, potentially to $150k.

BTC price has recorded a robust rally over the past few weeks, hitting a new all-time high $123,091. Amid this, renowned economist and financial commentator Peter Schiff has gained notable traction with his unexpected comment on BTC.

Notably, Schiff is known for his long anti-crypto Bitcoin stance, and has continued to stay bearish on the flagship crypto. However, in a recent X post, the economist has urged investors to bet on Bitcoin, sparking market discussions.

Besides, Schiff also said that the investors should shift their bets to BTC instead of altcoins, specifically Ethereum. This has fueled market speculations, especially as analysts projected bold forecasts for the flagship crypto.

On the other hand, Ethereum price has continued to outpace BTC over the past few weeks. Having said that, more retail traders as well as corporations are flocking to scoop ETH.

Peter Schiff Backs Bitcoin Over Ethereum, Here’s Why

Renowned Bitcoin critic Peter Schiff has urged crypto investors to consider selling their Ethereum (ETH) holdings to buy Bitcoin (BTC). In a recent X post, Schiff said that “Ether” is nearing the upper end of its trading range, making it “a great time to sell.”

In addition, Schiff advised traders to dump Ethereum and use the proceeds to buy Bitcoin. However, he admitted that it “pains” him to make such a recommendation.

Why Bitcoin is Better Than ETH? Peter Schiff Reveals

When questioned why Bitcoin is a better choice than ETH, Peter Schiff clarified that his reasoning isn’t based on fundamentals but on charts. He believes Ethereum has “more acknowledged competition for the narrative of its use case” compared to Bitcoin.

He emphasized that BTC price offers better upside compared to Ethereum. Besides, Schiff noted that Ethereum is in a bear market relative to Bitcoin and had recently experienced a bear market rally.

He said, “if you want to own crypto, selling Ether to buy Bitcoin makes sense.” Despite that, it’s worth noting that Schiff emphasized he wouldn’t buy either cryptocurrency himself.

Schiff’s comments drew a response from market expert Benjamin Cowen, who pointed out the timing of Schiff’s remarks. “You had 4 years to say that ETH/BTC would bleed and you finally say it after the bleeding is over,” Cowen commented.

Meanwhile, Schiff’s unexpected backing of Bitcoin over Ethereum based on chart analysis and narrative competition sparks speculations.

In other words, his tactical recommendation to favor Bitcoin over Ethereum has left many wondering what lies ahead for both the crypto.

Ethereum Outpaces Bitcoin in Recent Trading

Peter Schiff’s comments have further drawn attention, and Ethereum price has continued to outpace BTC price over the past few weeks. For context, ETH price has recorded a monthly surge of over 67%, while adding around 22% in the weekly chart.

On the other hand, Bitcoin price has added only 17% over the last 30 days, while its weekly gain was recorded at only 1.3%. However, during writing, ETH price slipped more than 3% over the last 24 hours, and rested near $3,700.

Despite the current pullback, analysts remain optimistic about Ethereum’s potential future movements.

For context, analyst Michael van de Poppe notes a “small correction” after a big run-up, expecting consolidation and a potential “violent correction” ahead.

Yet, he encourages buying Ethereum, calling it a “global disruptive asset”. Besides, he has highlighted the recent surge in the asset’s price.

On the other hand, expert Ali Martinez sees big upside potential if Ethereum breaks past $4,000. According to his projection, ETH might hit $10,000 if it breaches through $4k.

What’s Next for Bitcoin Price?

Peter Schiff’s shifting stance on Bitcoin comes as analysts also projected a bullish path ahead for Bitcoin price. In addition, BTC price has added around 0.7% today to $119,146, despite a dip in ETH price.

Analyst Michael van de Poppe notes liquidity has been taken on both sides for Bitcoin. However, he said that the crypto is now awaiting a clear direction with decreasing volatility before a big move.

According to van de Poppe, a break above $119.5k could send BTC price to a new all-time high. On the flip side, a dip below $116.8k could trigger a massive selloff, potentially dragging its price down to $111k.

However, he noted that such a retreat would provide more buying opportunity to investors.

Meanwhile, Ali Martinez sees Bitcoin marching toward $131,200 if $117,400 holds as support.

Adding to the bullish sentiment, analyst Carl Moon sets a bold target, declaring “BITCOIN IS GOING TO $150,000.”