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Cryptocurrency News Articles
Bitcoin (BTC) Price Could Skyrocket to $323K if It Can Break This Key Resistance Level, Veteran Trader Peter Brandt Says
Oct 10, 2024 at 01:52 pm
Veteran technical analyst Peter Brandt recently suggested that Bitcoin continues to outperform gold in the long-term store-of-value narrative.
Veteran technical analyst Peter Brandt has suggested that Bitcoin continues to outshine gold in the long-term narrative of a store-of-value asset.
His latest analysis of the BTC/GLD ratio reveals this. According to the market veteran, the premier crypto asset has been steadily outperforming gold and could be poised for a monumental rally if it manages to surmount key resistance levels.
Bitcoin vs Gold Chart Analysis by Peter Brandt: Key Highlights
In his chart, Brandt showcases a long-term uptrend in the BTC/GLD ratio, highlighting Bitcoin’s increasing strength relative to gold over the past few years. The ratio previously found support in the high teens, specifically around the 14 oz mark, which acted as a springboard for the current rally.
Brandt identifies a crucial resistance level at 32 oz of gold. This level has previously capped Bitcoin’s strength, presenting a major zone of conflict between bulls and bears.
If Bitcoin manages to break through this resistance, Brandt anticipates a target of over 100 oz of gold per Bitcoin, with a long-term projection reaching as high as 123.75 oz. Considering current gold prices (around $2,613 per ounce), this translates to a Bitcoin price target of $323,358.
Moreover, the chart demonstrates that Bitcoin’s price movements have followed a pattern of rising wedges and breakout formations. Notably, BTC has seen an uptrend since bottoming out in 2018. The current setup is forming another ascending triangle, which is a bullish chart pattern.
Interestingly, Bitcoin has shown similar parabolic runs in the past, and if it can maintain its current upward trajectory, there is a high probability of reaching Brandt’s target.
Meanwhile, the market veteran gauges a 30% chance of the market “rolling over,” as Bitcoin’s dominance might falter. However, the Bayesian analysis still gives a strong possibility of Bitcoin outpacing gold if the resistance is breached.
BTC/GLD Short-Term Outlook: Immediate Caution Advised
On the shorter timeframe, the BTCGLD outlook suggests immediate caution. Notably, BTC is currently trading below the 21-week Simple Moving Average (SMA) of 25.59 oz per BTC, as it currently changes hands around 23.27 oz.
Bitcoin’s failure to break above this moving average shows possible short-term weakness. Also, the Relative Strength Index (RSI) stands at 45.49, indicating a neutral-to-bearish sentiment.
The RSI has seen a downward slope over the past few weeks, adding to concerns about Bitcoin’s immediate potential to reclaim bullish momentum. To initiate a sustained rally, Bitcoin would need to break back above the 21-week SMA and push the RSI into bullish territory.
The 21-week SMA has consistently acted as a key pivot for Bitcoin. The last major breakout above this moving average occurred in October 2023, when Bitcoin traded at around 16 oz per BTC.
This breakout sparked a powerful 112% surge, driving Bitcoin to a peak of 34 oz in March 2024. If Bitcoin can regain this level of momentum and surmount the 25.59 oz mark, it could lead to a renewed upward trend, possibly targeting Brandt’s projection.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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