bullish

Bitcoin

Notable

Peter Brandt, a seasoned trader with over five decades of experience dating back to the 1970s, has recently <a href="https://x.com/PeterLBrandt/status/1837621965407818193?t=3lk2k3KUjIdSuUN5fKVV5w&amp;s=19" rel="nofollow">shared</a> an intriguing analysis of Bitcoin’s performance relative to gold. His examination reveals a potentially bullish technical pattern that could cause a significant price increase for Bitcoin. 
Brandt’s analysis centers on the Bitcoin-to-Gold ratio chart, which he shared on X. The chart displays what Brandt identifies as a continuation inverted head and shoulders pattern, a formation often associated with major market reversals. This pattern suggests that Bitcoin may be poised for a substantial rally against gold soon. 
In his post, Brandt outlines several key observations from the chart: 
<ol> 
 <li aria-level="1">The pattern features a neckline at a ratio of 32.5 to 1</li> 
 <li aria-level="1">The left shoulder of the pattern shows a low point at 14.2 to 1</li> 
 <li aria-level="1">The right shoulder appears to be forming a flag pattern</li> 
 <li aria-level="1">There’s a possibility of the ratio declining into the high teens to 1 before a potential breakout</li> 
 <li aria-level="1">The target ratio is projected at 123 to 1</li> 
</ol> 
At the time of Brandt’s analysis, the Bitcoin-to-Gold ratio was approximately 23.85 to 1. If Brandt’s projection materializes and the ratio indeed reaches 123.75 to 1 as indicated in the chart, it would represent a remarkable 518% increase from current levels. 
This potential increase is particularly noteworthy given the historical relationship between Bitcoin and gold. Both assets have often been viewed as stores of value and hedges against economic uncertainty. Another analyst recently predicted that Bitcoin could <a href="https://timestabloid.com/analyst-predicts-timeline-for-bitcoin-to-reach-a-new-all-time-high/">rise to a new all-time high</a> because of gold’s recent climb, suggesting both assets are highly correlated. 
However, Brandt’s analysis suggests that Bitcoin may be on the verge of significantly outperforming gold, potentially shifting investor perceptions about the relative merits of these two assets. 
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<h2 id="strong-notable-technical-patterns-strong">Notable Technical Patterns</h2> 
The inverted head and shoulders pattern Brandt identified typically consists of three troughs, with the middle trough (the “head”) being deeper than the two outer troughs (the “shoulders”). The “neckline” is drawn by connecting the highs of the two shoulders. A breakout above this neckline is generally considered a strong bullish indicator. 
The neckline currently sits at a high of 32.5 to 1. The left shoulder’s low point is at 14.2 to 1, while the right shoulder is forming what Brandt describes as a flag pattern. These technical elements combine to increase the bullish sentiment surrounding Bitcoin. 
Brandt’s reputation as a veteran trader lends weight to his analysis. Notably, Brandt <a href="https://timestabloid.com/bitcoin-btc-is-12-months-away-from-new-all-time-high-peter-brandt/">predicted Bitcoin’s rise</a> to a new all-time high in March 2023, setting a one-year timeline, and he might be right again with his new analysis. 
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. 
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The post <a href="https://timestabloid.com/veteran-trader-peter-brandt-forecasts-518-surge-in-bitcoin-to-gold-ratio/">Veteran Trader Peter Brandt Forecasts 518% Surge In Bitcoin-to-Gold Ratio</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.

Veteran Trader Peter Brandt Forecasts 518% Surge In Bitcoin-to-Gold Ratio

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