Peter Schiff, one of the most prominent Bitcoin detractors, has predicted that the price of the leading cryptocurrency is on track to break below the $58,000 level. The leading cryptocurrency is currently trading at $58,592, according to CoinGecko data.  

"Not even digital silver" 

While Bitcoin gets frequently compared to gold, Schiff is convinced that the flagship cryptocurrency is not even capable of holding a candle to silver. "Not only is Bitcoin not digital gold, it's not even digital silver, the financial commentator wrote in a recent social media post. 

The price of silver recently surged above $31 per ounce, aiming to reach a new 2024 high. The precious metal climbed to its current year-to-date peak of $32.5 back in May. 

Meanwhile, gold recently managed to log a new record high of $2,586. This coincided with Bitcoin plunging below the $60,000 level. 

The precious metals are rallying ahead of the Federal Reserve's key interest rate decision. 

Back to "fear" 

Bitcoin sentiment has now sourced once again due Bitcoin failing to hold the pivotal $60,000 level. 

The "Fear and Greed" sentiment index has plunged back into the "fear" zone with 39 points out of 100. 

Just a day ago, the largest cryptocurrency was in neutral territory after bulls managed to gain some ground.

This volatility comes ahead of the Fed's upcoming rate cut that is going to take place later this month. 

In June, Schiff predicted that the price of the leading cryptocurrency would keep falling for several years in a row against gold. 

His predictions, of course, should be taken with a massive grain of salt considering that Schiff is one of the most famous Bitcoin permabears. 

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