Peter Schiff’s Bitcoin $1,000 Prediction Falls Flat as Gold Drops 4%

Bitcoin (BTC) rising above $8,500 appears to have left gold proponent Peter Schiff with egg on his face after he predicted its imminent downfall to $1,000. 

Data from Cointelegraph Markets and precious metals monitor Kitco showed that while Bitcoin has gained 7.5% over the past week, gold has conversely slipped 4%. 

Gold expected to hit $1,500 lows

After reaching highs of $1,610 on Jan. 8, XAU/USD has fallen dramatically, trading at $1,546 as of press time on Tuesday.

The trend is all the more conspicuous to cryptocurrency supporters, coming at a time when geopolitical upheaval centered on Iran seemed to buoy Bitcoin price performance.

While not everyone agrees, a commonly-held theory suggests that both Bitcoin and gold benefit from such political instability. Their correlation, as Cointelegraph previously noted, now looks much less convincing. 

“For a time being, it appears, on the daily candle chart, that a retracement down should occur due to the metal being overbought,” Kitco…