Bitcoin (BTC) rising above $viii,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 seven.five% over the past week, gilded has conversely slipped 4%.

Gilt expected to hit $one,500 lows

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

The tendency is all the more conspicuous to cryptocurrency supporters, coming at a time when geopolitical upheaval centered on Iran seemed to beacon 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 quoted analysts at Swiss-based trader Dukascopy as proverb on Monday.

They added that XAU/USD could drib further to support at $one,500 in the short term.

Schiff'due south BTC "pattern" nowhere in sight

The underwhelming progress for gold piles added force per unit area on those who privilege the precious metallic over Bitcoin.

Schiff, a well-known crypto detractor, said in November that BTC/USD was exhibiting a then-called "head-and-shoulders" price pattern and would soon drib to just $1,000, its everyman since early 2022.

"The right shoulder is at present shrugged and the neckline slanted and parallel to the shoulders. If information technology breaks the price objective for the dump is $1,000 to complete the pattern," he claimed on Nov. 21 when the pair traded at around $7,800.

Not just has the omen not come true, but it is Bitcoin which has already firmly beaten gilded as an investment opportunity only two weeks into the new year. Simply days before 2022 began, Schiff had complained that Bitcoin was the only nugget not rallying.