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Cryptocurrency News Articles
Veteran Trader Peter Brandt Publishes Outlook Examining Bitcoin's (BTC) Performance Relative to Gold
Sep 22, 2024 at 10:03 pm
With decades of trading experience dating back to the 1970s, veteran trader Peter Brandt has recently published an outlook that examines Bitcoin's performance relative to gold
Veteran trader Peter Brandt has published an outlook that examines Bitcoin's performance relative to gold, highlighting a bullish technical pattern that could signal a major price spike for BTC.
According to Brandt's analysis, the pattern in question is an inverted head and shoulders, which is typically indicative of a market bottom. In this case, the neckline is at 32.5, the left shoulder low is at 14.2, and the right shoulder is forming a bull flag.
The trader notes that the ratio might decline into the "high teens" before any breakout occurs. However, if the ratio does rise from the current 23.85 to 123.75, as projected in the attached chart, it will represent a 518% increase in the price of Bitcoin per gold from current levels.
If this happens, it will not only be a big jump in the value of the major cryptocurrency compared to gold, but it will also show that more and more people think that Bitcoin is becoming a better place to store your money.
The full report can be found on U.Today.
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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