As a seasoned investor with decades of experience in commodity trading and a keen eye for chart patterns, Peter Brandt’s analysis piques my interest. The inverse head-and-shoulders pattern he’s pointing out on the Bitcoin/Gold ratio chart seems promising, especially considering his track record. However, I’ve learned over the years that markets can be unpredictable, and even the most convincing technical indicators can sometimes fall short.
Bitcoin-Gold Ratio Projection by Trader Peter Brandt: He anticipates a potential increase up to 123.
Such a target implies that the Bitcoin price could possibly surge to around $300,000.
Here’s a more simplified and conversational way of explaining the Bitcoin/Gold ratio chart:
— Peter Brandt (@PeterLBrandt) September 21, 2024
Brandt’s optimistic stance seems to stem from the development of an inverted head-and-shoulders (iH&S) pattern, which appears to be taking shape on the Bitcoin vs US Dollar and Gold (BTCUSD/GC1) weekly chart.
In simpler terms, an iH&S (inverted Head and Shoulders) pattern gets its name from its distinctive shape, which consists of a high point (the ‘head’), followed by a lower point (the ‘shoulders’). This pattern is often utilized by traders to identify potential bullish reversals in the market.
Brandt observes that the left shoulder on the pattern is positioned at 14.2, whereas the right shoulder is shaping up as a potential bullish flag.
It’s important to mention that the iH&S pattern often needs to be used along with other technical indicators for a more comprehensive understanding.
“Last laugh”
Peter Schiff, a well-known critic of Bitcoin, frequently boasts about its difficulty in recovering its bullish trend as gold continues to reach fresh record highs.
Yet, Brandt has lately targeted Schiff in a social media post, claiming that the final chuckle won’t be his.
This implies that Brandt expects Bitcoin to substantially outperform gold in the near future.
Previously, the analyst forecasted that the top cryptocurrency might surge to $150,000 during this ongoing cycle. Next year, the analyst anticipates Bitcoin will attain this highly desired price point.
At press time, Bitcoin is changing hands at $62,741 after dipping by 0.5%.
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2024-09-22 14:13