Peter Brandt, a famous trader, recently wrote on X that he thinks Bitcoin, the top cryptocurrency, will do much better than gold. In a lighthearted way, Brandt tagged gold supporter Peter Schiff and said, “It’s not his day.”
Brandt looked at the BTC/GLD ratio chart and said it looks like it’s making a channel that could turn into the right shoulder of an upside-down head-and-shoulders shape, which would mean the ratio would be 150 to 1. This means BTC might grow five times faster than gold.
Bitcoin’s Current Market Trends
Bitcoin is selling at $67,197 at the moment, having gone up 6% in the last 24 hours, even though U.S. stocks have not performed very well since the most significant IT outage in history. Brandt has also noticed that Bitcoin is making a pattern of lower lows and lower highs, which could mean that the positive trend is over.
Brandt had earlier said that BTC could reach a high point of $150,000 during the current bullish cycle. This was in line with other positive predictions, like those made by Tom Lee. On the other hand, gold just set a new record high, and Schiff found a strong negative link between Bitcoin and gold.
Schiff said before that Bitcoin would go down after it fell below $60,000, but he has not commented anything about the current rise in the price of the cryptocurrency. It’s now only 9.1% below its all-time high, which was set in March.
