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 advocate Peter Schiff in his post, suggesting that it was not a good day for gold.
Brandt explained that the BTC/GLD ratio chart is showing signs of forming a channel that could potentially become the right shoulder of an inverted head and shoulder pattern, projecting a ratio of 150 to 1. This projection implies that Bitcoin could outpace gold by a factor of 5.
Bitcoin’s Price Movement
According to CoinGecko data, Bitcoin is currently trading at $67,197, experiencing a 6% surge over the past 24 hours despite the underperformance of US equities due to a major IT outage.
Brandt also recently pointed out that Bitcoin was exhibiting a pattern of lower lows and lower highs, indicating a possible exhaustion of the bullish trend. This observation aligns with his previous prediction that Bitcoin could reach a peak of $150,000 during the current bullish cycle.
Insight on Bitcoin and Gold Relationship
Interestingly, as gold reached another record high recently, Bitcoin’s value started to decline. This trend suggests a developing negative correlation between Bitcoin and gold. Prominent gold advocate Peter Schiff noted this correlation, predicting a breakdown in the leading cryptocurrency’s price after it fell below $60,000 earlier this year.
Despite his previous bearish stance on Bitcoin, Schiff has not commented on the cryptocurrency’s latest rally, where it is just 9.1% away from its all-time high achieved in March.
