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Schiff buys more Bitcoin: But there’s a twist

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The vast majority of Twitter users trust 18-year-old Spencer Schiff’s investment advice over that of his father, Peter Schiff — a renowned gold bug and Bitcoin critic.

“Against my advice my son just bought even more Bitcoin,” said Schiff. “Whose advice do you want to follow?”

According to a Sept. 7 tweet from Peter Schiff, 81% of over 46,000 Twitter users who replied to the poll would prefer the advice of an “18-year-old college freshman who’s never even had a job” over that of a man with more than 30 years’ experience as an investment professional. 

The younger Schiff was quick to respond to his father’s remarks and the survey results, stating that Crypto Twitter appeared to be backing him. Others enthusiastically showed their support for Spencer on social media.

“Your son will be a multi-millionaire at least by the time he’s 57 if he keeps buying Bitcoin,” said Quantum Labs CEO Usman Majeed. 

However, a few thought that a father and son favoring different assets was more of an investment strategy.

“Using your son to hedge your gold bet is a great idea,” said Morgan Creek Digital co-founder Anthony Pompliano. “Gold goes up, you benefit. Bitcoin goes up, your son benefits. Clever way to be long [on] both assets without publicly capitulating on gold.”

Pompliano wasn’t the only commentator who reached this conclusion. “Sounds like Peter is making sure he can have it both ways depending on Bitcoin’s success or failure,” said Reddit user Spl00ky. “If Bitcoin fails, he’ll say: ‘See, my son should have listened to me.’ If Bitcoin succeeds, he’ll say: ‘Look how smart my son is, the apple doesn’t fall far from the tree.’”

The survey comes just two weeks after Schiff solicited Bitcoin (BTC) donations from Twitter for his son’s 18th birthday. Although the wallet connected to Spencer Schiff currently holds no Bitcoin, it has seen transactions worth 0.11 BTC since August 27th.





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3 reasons why Bitcoin price has not been able to rally back above $40K

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The ongoing story for the past couple of months in the cryptocurrency market has been confusion on whether Bitcoin (BTC) is destined for another leg down or is finally ready to break out toward new highs.

Bitcoin’s price history and data from previous corrections suggest that the current struggles for the top cryptocurrency could persist for a little bit longer due to the strengthening dollar, the possibility of decreasing economic stimulus and a slew of technical factors connected to Bitcoin’s price action.

A strong dollar threatens Bitcoin’s recovery

According to data from Delphi Digital, one of the biggest factors placing strain on risk assets around the globe is the strengthening U.S. dollar which appears to be attempting a trend reversal after falling below 90 in late May.

DXY 1-day chart. Source: TradingView

Rising dollar strength put a halt to the year-long uptrend in the 10-year US Treasury yield which is also a reflection that the economic expansions seen in the first half of 2021 are beginning to lose steam and there is a threat that a new wave of Covid-19 infections threatening the global economic recovery.

Fractals and the Death Cross suggest the correction is not over yet

The short-term outlook for Bitcoin remains bearish as previous instances of the “Death Cross,” which appeared on BTC’s chart in late June, have been followed by a corrective period that can last for nearly a year.

Bearish crossover of the 50 day and 200-day MA. Source: Delphi Digital

According to the analysts at Delphi Digital, the 12-month moving average is being tested as support, and a dip below this level would signal further downside for BTC price.

Bitcoin price testing the12-month moving average. Source: Delphi Digital

The 12-month moving average has been a key support level for Bitcoin historically, so how the price performs near this level could dictate whether the current uptrend remains intact.

Related: El Salvadorians take to the streets to protest Bitcoin law

Overall, caution is warranted for traders because low volumes have historically led to higher volatility when fewer open bids can lead to rapid price fluctuations.

As explained by Kevin Kelly, a certified financial analyst at Delphi Digital, “the short-term outlook turns quite a bit more bearish if and when we break those key levels” near $30,000.

Kelly said:

“I don’t necessarily think that we will see as nearly as significant of a drawdown as we did in say, post-December 2017, early 2018, and into the end of that year. But I do think, just given the structure of the market, that we could potentially be in for a bit more short-term volatility and potentially some more headwinds here, in the near term.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.