Veteran Trader Predicts Bitcoin Will Outperform Gold by 5x

Prominent trader Peter Brandt recently predicted on social media platform X that Bitcoin will significantly outperform gold.

Brandt humorously tagged gold enthusiast Peter Schiff, suggesting it wasn’t Schiff’s day. He highlighted that the BTC/GLD ratio chart is forming a channel, potentially leading to an inverted head and shoulder pattern with a projected ratio of 150 to 1.

This implies Bitcoin could outpace gold by five times.

This is not @PeterSchiff day. And next 10 years will be cruel as well.
The $BTC / $GC_F ratio chart is forming a channel that might become the right shoulder of an inv. H&S pattern projecting ratio of 150 to 1, meaning BTC will outpace Gold by 5X @RaoulGMI what do you th ink? pic.twitter.com/Yg3NxFfb0x

— Peter Brandt (@PeterLBrandt) July 19, 2024

Currently, Bitcoin is trading at $66,980, a 6% increase in the past 24 hours. This rise comes despite a significant IT outage impacting US equities. Brandt previously noted that Bitcoin was forming a pattern of lower lows and lower highs, indicating a possible end to the bullish trend.

However, he has also predicted that Bitcoin could peak at $150,000 during this bullish cycle, aligning with forecasts from other analysts like Tom Lee.

Recently, gold hit another record high. Schiff remarked on social media that Bitcoin seemed to have developed a strong negative correlation with gold, moving lower as gold moved higher.

In July, Schiff predicted a breakdown for Bitcoin after it fell below $60,000. Despite Bitcoin’s recent rally, which brings it within 9.1% of its all-time high from March, Schiff has not yet commented.