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Legendary trader Brandt predicts nightmare scenario for Schiff
Alex Dobnya
Commodity trader Peter Brandt predicts Bitcoin will significantly outperform gold
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In a recent send On social media X, popular trader Peter Brandt predicted that Bitcoin, the leading cryptocurrency, would significantly outperform gold.
The famous commodities trader jokingly tagged gold trader Peter Schiff in his post, saying it’s not his day.
Brandt noted that the BTC/GLD ratio chart is forming a channel that could become the right shoulder of an inverted head and shoulders pattern projecting a 150 to 1 ratio. According to Brandt, this means that Bitcoin will outperform gold by 5x.
According to CoinGecko data, the leading cryptocurrency is currently trading at $67,197 after a 6% surge in the past 24 hours, despite the disappointing performance of US stocks following the largest cyber disruption of all time.
AS reported by U.TodayBrandt recently pointed out that Bitcoin was forming a sequence of lower lows and lower highs. Such a pattern indicates that the uptrend may be exhausted.
Previously, the famous chartist predicted that the flagship cryptocurrency could eventually peak at $150,000 during the current bull cycle. This is in line with some of the more bullish predictions publicly announced by other experts such as Tom Lee.
Earlier this week, gold hit another record high. “Just as gold started to rise, Bitcoin started to fall. It really looks like Bitcoin has developed a strong negative correlation with gold,” Schiff commented on his social media platform.
In July, Schiff predicted that the leading cryptocurrency would collapse after falling below the $60,000 level.
However, Schiff has so far refrained from commenting on Bitcoin’s most recent rally. The leading cryptocurrency is up just 9.1% from its current all-time high reached in March.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets and can be reached at alex.dovbnya@u.today.