Prominent Trader Peter Brandt Predicts Bitcoin Will Significantly Outperform Gold
- WBOYOriginal
- 2024-07-21 04:11:10962browse
Prominent trader Peter Brandt recently predicted on social media platform X that Bitcoin will significantly outperform gold.
Seasoned trader Peter Brandt took to social media platform X to express his optimism for Bitcoin, predicting that the cryptocurrency will significantly outpace gold.
In a humorous jab, Brandt tagged gold enthusiast Peter Schiff, suggesting it wasn’t Schiff’s day. He highlighted the BTC/GLD ratio chart, which is forming a channel that might become the right shoulder of an inv. H&S pattern projecting ratio of 150 to 1, meaning BTC will outpace Gold by 5X @RaoulGMI what do you th ink? pic.twitter.com/Yg3NxFfb0x
— Peter Brandt (@PeterLBrandt) July 19, 2024
Highlighting the BTC/GLD ratio chart, Brandt pointed out a potential inverted head and shoulder pattern forming on the chart. If this pattern plays out, it could lead to a ratio of 150 to 1, implying that Bitcoin will outpace gold by five times.
Currently, Bitcoin is trading at $66,980, a 6% increase in the past 24 hours. This rise comes despite a significant IT outage impacting US equities.
Earlier, Brandt noted that Bitcoin was forming a pattern of lower lows and lower highs, indicating a possible end to the bullish trend. However, he has also predicted that BTC could peak at $150,000 during this bullish cycle, aligning with forecasts from other analysts like Tom Lee.
Interestingly, gold hit another record high recently. On social media, Schiff remarked that Bitcoin seemed to have developed a strong negative correlation with gold, moving lower as gold moved higher.
In July, Schiff predicted a breakdown for Bitcoin after it fell below $60,000. Despite Bitcoin’s recent rally, which brings it within 9.1% of its all-time high from March, Schiff has not yet commented.
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