Renowned commodity trader Peter Brandt has weighed in on the Bitcoin/gold ratio, speculating that it could surge to 123, suggesting a significant increase in Bitcoin’s price to $300,000.
Peter Brandt's Analysis
Brandt's predictions are based on the formation of an inverse head-and-shoulders (iH&S) pattern on the weekly BTCUSD/GC1 chart. The iH&S pattern is frequently used for spotting bullish reversals. According to Brandt, the left shoulder of the pattern stands at 14.2, while the right shoulder is still forming in a bullish flag.
Bitcoin/Gold Ratio
Brandt believes the Bitcoin/gold ratio could dip to about 15 before reaching a target of 123. However, he emphasizes that the iH&S pattern should be combined with other technical indicators to get a more comprehensive analysis.
Peter Schiff's Reaction
Peter Schiff, a well-known Bitcoin critic, has frequently celebrated the struggles of Bitcoin to regain its bullish momentum while gold continues to hit new lifetime highs. However, Brandt recently took aim at Schiff in a social media post, suggesting that 'the last laugh' will not belong to Schiff. This implies that Brandt expects Bitcoin to outperform gold substantially in the near future. Earlier, Brandt predicted that Bitcoin could reach $150,000 at the peak of the current cycle.
At the time of publication, Bitcoin is trading at $62,741 after dipping by 0.5%. Traders and analysts continue to closely monitor the developments.
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