Veteran trader Peter Brandt is predicting that Bitcoin could be about to leave gold in the dust. He’s seeing a pattern in the Bitcoin/gold price ratio that suggests Bitcoin is poised for a major run.
A Technical Pattern Points to Bitcoin’s Dominance
Brandt is seeing an “inverted head and shoulders” pattern in the Bitcoin/gold price ratio. This pattern, often seen in technical analysis, suggests that a price reversal is on the horizon.
In this case, the pattern indicates that Bitcoin could be preparing to surge in value compared to gold. Brandt estimates that Bitcoin could reach a price 123 times higher than gold.
Bitcoin’s Current Correction
Despite the bullish outlook, Brandt acknowledges that Bitcoin is currently in a “prolonged correction,” which has been causing pain for Bitcoin investors. He notes that the correction is both in terms of price and duration, making it more emotionally challenging for investors.
A Word of Caution
It’s important to remember that these are just predictions, and the market can be unpredictable. Investors should always do their own research and consult with a financial advisor before making any investment decisions.
