Cryptocurrency analysts predict a gradual upward trend for Bitcoin, pinpointing $112,000 as a key level to watch. Meanwhile, Peter Schiff, a well-known gold proponent, reignited the debate between gold and Bitcoin by questioning Michael Saylor’s company’s substantial Bitcoin holdings.
CoinDesk’s James van Straten observed a shift in Bitcoin’s market dynamics, coinciding with adjustments in gold pricing.
Van Straten anticipates a steady, incremental climb for Bitcoin, bolstered by consistent inflows into exchange-traded funds (ETFs). He foresees potential pullbacks of 10-20% along the way. He drew parallels to gold’s performance in the early 2000s, characterized by extended periods of price appreciation interspersed with healthy corrections.
According to his analysis, Bitcoin’s performance may sometimes trail gold and at other times surpass it. However, he believes Bitcoin will ultimately deliver superior returns over a complete market cycle.
Michaël van de Poppe emphasized short-term price levels.
He identified the area below $107,000 as a potential buying opportunity, suggesting it’s where investors are likely to step in. He also highlighted $112,000 as a critical resistance level to overcome. In his opinion, a definitive breakout and sustained trading above $112,000, based on Coordinated Universal Time (UTC) closing prices, would validate Bitcoin’s strength and increase risk appetite, potentially triggering a shift of capital into alternative cryptocurrencies (altcoins), which he refers to as “altcoin mode.”
Peter Schiff, CEO of Euro Pacific Capital, challenged Michael Saylor’s investment strategy, contrasting MicroStrategy’s Bitcoin allocation with a hypothetical gold investment.
Schiff’s primary concern is liquidity. He argued that selling tens of billions of dollars worth of gold could be executed with minimal impact on the market, whereas attempting to liquidate a similar Bitcoin position could negatively affect prices and spark further selling pressure.
Bitcoin supporters might argue that large sellers can strategically exit their positions over time through over-the-counter (OTC) transactions. However, Schiff contends that gold’s extensive market depth provides greater flexibility for substantial holders.
CoinDesk Research analysis
- Timeframe: Sept. 27, 09:00 UTC to Sept. 28, 08:00 UTC.
- Key Observation: CoinDesk Research’s technical analysis model indicated that Bitcoin fluctuated within a narrow range of approximately $692 (around 1%), between $109,156.82 and $109,849.28.
- Support Level: Repeated price holds were observed near ~$109,400 late on Sept. 27 (UTC).
- Resistance Level: Rebounds were capped around ~$109,750 during the same late-evening period.
- Final Hour: Between 07:09 UTC and 08:08 UTC on Sept. 28, the price briefly rose to $109,663.84 at 08:03 UTC before settling near ~$109,580, establishing ~$109,575 as a new, short-term support level.
- Summary: Support between ~$109,400 and $109,575; resistance around ~$109,750. A UTC close above ~$109,750 could pave the way for $110,000-$111,000. A break below ~$109,400 might lead to a retest of ~$109,150.
Latest 24-hour and one-month chart read
- 24-hour View (as of Sept. 28, 14:41 UTC): The price near $109,724 is positioned above the ~$109,400/109,575 support zone and below the ~$109,750 resistance level. A breakout and sustained hold above ~$109,750 (UTC) could target $110,000–$111,000, with $112,000 serving as a broader momentum trigger for many traders. A drop back below ~$109,400 increases the risk of retesting ~$109,150, followed by ~$108,500.
- One-month View: After reaching highs near ~$117,000 in mid-September, Bitcoin has consolidated within the $109,000–$112,000 range. Successfully reclaiming and maintaining $112,000 is likely to revive upward momentum. Otherwise, continued sideways movement is more probable than a trend reversal.
Disclaimer: Parts of this article were created using AI and then carefully reviewed by our team of editors to make sure everything is accurate and follows our standards. Learn more about CoinDesk’s AI Policy.