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Bitcoin fell toward $63,000 on Saturday as investors pulled away from riskier assets, concerned about persistent inflation and artificial intelligence disruption. Bitcoin fell to a low of $63,019 and was trading down 2.78% in the last 24 hours to $64,044.
In his usual characteristic manner, long-time cryptocurrency critic and gold bug Peter Schiff took the chance to poke at Bitcoin bulls as the price fell.
In a tweet, Schiff highlighted an increase in gold and silver prices while Bitcoin's price fell. Schiff noted that gold added $94 to close at $5,278, its highest weekly and monthly close ever. Also, silver added $5.50 to close at $93.66, its highest monthly close ever.
Schiff gave gold and silver price increases so far in 2026 to be 21.5% and 30%, respectively. This he contrasted with Bitcoin, which he said was down 27%, while predicting that the divergence between Bitcoin and precious metals will continue all year long.
Bitcoin gold divergence: analysts weigh in
Fidelity's Jurrien Timmer stated that in his own view, Bitcoin is an aspirational junior player on the hard money team (led by gold).
"Gold has been and, in my view, will always be the quarterback on this team, and Bitcoin along with silver are secondary plays. As such, they may take turns leading the ups and downs," Timmer stated. He highlighted the gold/Bitcoin ratio as a metric to consider, and possibly a valuable indicator as the Bitcoin price finds a floor. Based on this, the $60,000 level stands out as key support based on past price action and the power law curve.
Timmer indicated that while gold is "cheap" compared to silver, it is "expensive" compared to Bitcoin, adding that the current levels are not quite at the extremes seen at previous inflection points but are now getting close.
The gold/Bitcoin Z-score has historically signaled tops and bottoms through divergences. However, no clear divergence is present now, and indicators are not at prior low extremes. Bitcoin may need more time consolidating between $60,000 and $70,000 before forming a lasting bottom.
Crypto analyst Michael Van de Poppe shared expectations on the markets in a recent tweet: "My expectation is that we'll see a peak on commodities soon and a rotation towards equities & Crypto from next week on."
U.Today Editorial Team
Dan Burgin
