Peter Brandt Shows BTC Price Strength Against Gold

The broader cryptocurrency market has recently come under strong selling pressure amid the collapsing tech stocks in the US equity market on Friday.

Bitcoin (CRYPTO: BTC) price crashed over 5% on Friday amid a broader crypto market sell-off in the wake of collapsing tech stocks in the US equity market.

What Happened: Following the market crash, Bitcoin critic Peter Schiff highlighted the stark investment difference between gold investments and Bitcoin exchange-traded funds (ETFs).

Schiff noted in his recent statement that Bitcoin ETF gains since their launch have dropped to just under 10%, while the price of gold remains up by 24%.

Over the past two weeks, Bitcoin ETF outflows soared, with total inflows in 2024 dropping below $17 billion. On Friday, the total ETF outflows stood at $170 million, with Fidelity’s FBTC and Grayscale’s GBTC leading the rout.

Schiff stated that investors who chose gold over Bitcoin ETFs saw 140% greater returns, reinforcing his stance that gold is a more valuable investment than BTC.

However, popular crypto trader Peter Brandt interjected, stating that BTC price has more room over gold moving ahead, as an inverse head and shoulders pattern shows a breakout is coming.

Peter, your comments need to be put into the perspective of a long term chart. The $BTC/GC_F ratio could dip into the high teens, but massive continuation inverted H&S is forming — favoring Bitcoin https://t.co/Gld8cb2RQV pic.twitter.com/rwJgY24b57

— Peter Brandt (@PeterLBrandt) September 6, 2024

Brandt’s statement comes in response to Schiff’s assertion that gold outperformed Bitcoin ETFs by a wide margin.

Brandt highlighted a long-term chart that shows a massive continuation inverted head and shoulders pattern forming for BTC price against gold. A breakout from this pattern would be bullish for the world’s largest crypto asset.

Peter expects a BTC price drop to $46,000 before the apex of the pattern, which would lead to a breakout to the upside.

See More: Best Cryptocurrency Scanners

Gold Advocate Calls For Bitcoin Bailout: In other news, gold advocate Schiff called out MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor, adding that Bitcoin is in need of another financial bailout.

In a sarcastic tweet, Schiff asked Saylor and his team to borrow another billion dollars to purchase more BTC, implying that the world’s largest crypto asset requires a bailout.

As we know, Schiff is a long-term opponent of BTC while criticizing Saylor for adding a large stash of BTC to MicroStrategy’s holdings.

Attention @saylor—#Bitcoin needs another bailout. It's time for $MSTR to take one for the team and borrow another billion dollars to buy more.

— Peter Schiff (@PeterSchiff) September 6, 2024

After MicroStrategy’s recent Bitcoin purchase, several users on Twitter took Schiff to task for his stance on gold being a superior investment over BTC.

Responding to this, Schiff stated, "If you don’t mind watching your paper profits vanish, then don’t sell your Bitcoin. That makes it easier for those who want to realize their gains to cash out before they are gone."

At press time, BTC price is trading 5% down at $54,012 with a market cap of $1.066 trillion. Market analysts are predicting a Bitcoin price crash under $50,000 by this weekend.

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