U.Today – Veteran trader Peter Brandt, with decades of trading experience dating back to the 1970s, recently released a forecast analyzing Bitcoin’s performance versus gold, highlighting a bullish technical pattern that could herald a significant raise in the price of Bitcoin (BTC).
This trend often heralds a massive change in the market, suggesting that the first cryptocurrency could soon gain value against the precious metal.
The basis of Brandt’s analysis is a detailed look at the key elements in this inverted head and shoulders pattern: the neckline is at 32.5, the left shoulder low is 14.2, and the right shoulder forms a bull flag. It looks like the ratio could drop into the “high teens” before any breakout occurs.
If Brandt’s prediction proves correct and the indicator does indeed rise from the current 23.85 to 123.75 as shown in the attached chart, it would mean a 518% raise in the bitcoin price for gold from current levels.
Bitcoin vs Gold
Interestingly, traders have been watching the relationship between Bitcoin and gold for some time now. However, Brandt’s recent analysis suggests that the cryptocurrency could be set to outperform gold by an even larger margin, with the ratio indicating a possible drastic shift in BTC’s favor.
If this happens, not only will there be a significant raise in the value of the leading cryptocurrency compared to gold, but it will also show that more and more people believe that Bitcoin is becoming a better place to store money.
