Peter Schiff Says Bitcoin Price Rally Is Short-Term, Needs $148K to Match Gold

Highlights:

• Bitcoin’s price $126K surge still trails gold’s rising benchmark, warns economist Peter Schiff.
• Schiff says Bitcoin must hit $148K to match its previous gold-adjusted peak.
• VanEck analysts predict Bitcoin could hit $644K after the next halving cycle.

Economist Peter Schiff seemed cautious about Bitcoin’s rise on Monday. He suggested it might be too early to get excited. In a post on X, he pointed out that Bitcoin reached $126,000 in U.S. dollars, marking a new high in dollar terms. However, Schiff pointed out that it still lags behind gold, which has reached all-time highs above $4,000 per ounce. He noted that if Bitcoin were keeping pace with gold, it could be trading closer to $150,000. 

It's a moving target as gold keeps rising. But based on where gold is now, Bitcoin would have to rise to about $148K to match it's record high priced in gold.

— Peter Schiff (@PeterSchiff) October 6, 2025

BTC Rally Falls Short in Gold Terms, Says Peter Schiff

Peter Schiff pointed out that although Bitcoin price briefly surpassed $126,000, it remains roughly 15% below its all-time high when valued in gold. He said it is “too early for Bitcoiners to get excited” about the recent rally. Schiff described it as a possible bear market rebound, not the start of a lasting uptrend.

Schiff also pointed out that as gold prices keep rising, Bitcoin’s all-time high measured in gold is becoming even higher. “Based on where gold is now, Bitcoin would need to reach about $148,000 to match its previous record price in gold,” Schiff stated. 

Gold Rally Signals Bitcoin Could Reach $644K — VanEck Report

Building on Schiff’s caution, some analysts see bigger potential for Bitcoin in the long term. Matthew Sigel from VanEck shared on X that they have expected Bitcoin to reach half of gold’s market cap after the next halving. Gold futures recently went above $4,000 per ounce as investors moved toward the safe-haven asset. Sigel added that this high price suggests Bitcoin’s equivalent value could be $644,000.

Crypto analysts have often compared Bitcoin and gold, but gold has outperformed Bitcoin so far this year. It has risen about 50% due to growing political uncertainty, a weaker U.S. dollar, and occasional U.S. tariffs. Matthew Sigel noted that younger investors are increasingly turning to Bitcoin as a store of value. This is the role traditional investors usually give to gold, which shows a shift in how the next generation approaches wealth preservation. 

We’ve been saying Bitcoin should reach half of gold’s market cap after the next halving. Roughly half of gold’s value reflects its use as a store of value rather than industrial or jewelry demand, and surveys show younger consumers in emerging markets increasingly prefer Bitcoin…

— matthew sigel, recovering CFA (@matthew_sigel) October 7, 2025

“Roughly half of gold’s value reflects its use as a store of value rather than industrial or jewelry demand, and surveys show younger consumers in emerging markets increasingly prefer Bitcoin for that role,” he said. Analyst Jordi Visser noted in June that younger generations feel the financial system “has been worsening every single year.” He added that their push for more public spending could also support Bitcoin’s price growth. 

Veteran trader Peter Brandt said that gold could continue rising, even after reaching record highs. He mentioned on X that it might go significantly higher before any meaningful correction, though he admitted uncertainty about the exact level. Brandt also cautioned that investors buying at these levels out of FOMO would likely need deep pockets in the future.

Gold may go substantially higher before any meaningful correction. How much higher? No clue!
But I am quite certain that "all-in" FOMO buyers at these levels will need deep pockets in the future $GC_F pic.twitter.com/Uz3SgnWDrZ

— Peter Brandt (@PeterLBrandt) October 7, 2025