Alex Dovbnya
Commodity trader Peter Brandt expects Bitcoin to significantly outpace gold
In a recent post on the X social media, prominent trader Peter Brandt predicted that Bitcoin, the leading cryptocurrency, would massively outperform gold.
The popular commodity trader jokingly tagged gold Peter Schiff in his post, stating that it is not his day.
Brandt has noted that the BTC/GLD ratio chart is forming a channel that might become the right shoulder of an inverted head and shoulder pattern projecting a ratio of 150 to 1. According to Brandt, this means that Bitcoin will outpace gold by 5X.
According to CoinGecko data, the leading cryptocurrency is currently trading at $67,197 after surging 6% over the past 24 hours despite the underwhelming performance of US equities in the wake of the biggest IT outage of all time.
As reported by U.Today, Brandt recently pointed to the fact that Bitcoin was in the process of forming a sequence of lower lows and lower highs. Such a pattern indicates that the bullish trend might be exhausted.
Earlier, the famed chartist predicted that the flagship cryptocurrency could end up peaking at $150,000 during the ongoing bullish cycle. This is line with some of the most bullish predictions publicly announced by other pundits such as Tom Lee.
Earlier this week, gold reached another record high. “Just as gold started to move higher Bitcoin started to move lower. It really seems that Bitcoin has developed a strong negative correlation to gold,” Schiff commented on his social media platform.
This July, Schiff predicted that the leading cryptocurrency was poised to break down after it slipped below the $60,000 level.
However, Schiff has so far refrained from commenting on Bitcoin’s most recent rally. The leading cryptocurrency is just 9.1% from its current all-time high that was achieved back in March.