Bitcoin

Gold

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Veteran trader <a href="https://u.today/bitcoin-epic-price-pattern-spotted-by-peter-brandt-but-theres-a-warning" rel="noopener noreferrer nofollow">Peter Brandt</a> has recently shared his insights on the Bitcoin/Gold ratio, implying that there may be a tradable local low on the horizon.
In a recent tweet, Brandt provided an analysis of the Bitcoin/Gold ratio, which compares the price of Bitcoin to Gold. This ratio is a key indicator for traders looking to understand the relative strength of Bitcoin against the traditional safe-haven asset, Gold. <a href="https://x.com/PeterLBrandt/status/1834722231261577588" rel="noopener noreferrer nofollow">Brandt</a> accompanied the tweet with a chart that showed a pattern resembling a parallel channel, with Bitcoin trending down against Gold.
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 There may be a tradable local low in the Bitcoin/Gold ratio <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/search?q=%24XAU&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XAU</a> <a href="https://t.co/jB9IlpP7xu" rel="noopener noreferrer nofollow">pic.twitter.com/jB9IlpP7xu</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1834722231261577588?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 13, 2024</a>
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A parallel channel is a technical pattern used to define price movements between two trend lines — one acting as resistance (the upper line) and the other as support (the lower line). In the case of the Bitcoin Gold ratio, the trend depicted resembled that of a descending channel, which is commonly used to predict overall changes in trends.
This technical pattern suggests that the Bitcoin Gold ratio is experiencing a downward trend, but also indicates that it may soon reach a support level where a reversal could occur.
<h2 id="bitcoin-decouples-from-gold">Bitcoin decouples from Gold</h2>
According to a recent CryptoQuant analysis, Bitcoin has decoupled from Gold, with prices dropping as Gold hits record highs.
Bitcoin prices have fallen while <a href="https://u.today/legendary-trader-peter-brandt-makes-crucial-bitcoin-to-gold-comparison" rel="noopener noreferrer nofollow">Gold prices</a> have achieved a new record high, resulting in a negative correlation between the two.
A period of negative correlation between Bitcoin and Gold, with Gold rising and Bitcoin falling, usually indicates a risk-averse environment in which investors choose traditional safe-haven assets like Gold over speculative assets like Bitcoin.
At the time of writing, BTC was up 3.17% in the last 24 hours to $59,773. The price of Bitcoin rose in weekend trading, hitting its highest mark since the start of September as traders grew more confident that the Federal Reserve’s upcoming meeting might yield a jumbo-sized rate cut.

Veteran Trader Peter Brandt Forecasts Major Shift in Bitcoin-Gold Trend

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