Peter Brandt, an expert in crypto trading and analysis, recently confronted one of the most famous BTC skeptics – Peter Schiff, which has brought back the narrative of Bitcoin vs gold. He was speaking of the role of Bitcoin in terms of economing and even inflation, in the same manner, as for gold. What is more, the BTC price already gained back its $71,000 position and thanks to this, many people are feeling optimistic that the price would climb even higher.
BITCOIN vs GOLD $XAUUSD
This one is the final punch in the round against fiat printing and its depreciation effects
Bitcoin $BTC struggled a bit after touching Mar ’24 high previously and went on forming double top in 2021.
41 months and Bitcoin is still shuffling in the same position.@PeterSchiff pic.twitter.com/QTe1RWHfbr
— Peter Brandt (@PeterLBrandt) 29 October, 2024
Schiff, who is a staunch supporter of gold started by emphasizing the recent success of the yellow metal: “#Gold is resting at an all-time high close to 2760 on the scale Buy, but most people do or won’t care, because #Bitcoin is trading back above 70 K.” When a user implied that there would be a strong motion for the bitcoin on market, Schiff said “I don't think so. That will be a Selling opportunity. If he wins get ready for the trump dump. If Kamala wins get ready for a kamala crash.”
Even as Schiff stays guarded concerning Bitcoins long term viable future, Brandt, identified a possible turning point. In Brandts opinion, the rally for BTC post it’s halving event probably started already. He noted that this complex structure has likely been completed. “March of this year marked the end of a downward trend in the series of lower highs and lower low,” he stated.
BTC Price and Technical Analysis
The arguments over Bitcoin price today ended as the cryptocurrency managed to push back toward $72,000. A price of $71,966.38 has been recorded, an increase of 5.07% and a display of impressive performance for the monthly ticket. On the other hand, Brandt, in another post of his, explained how to maximize BTC positioning, demonstrating how target prices can be computed in several different ways.
“There are numerous ways to determine targets,” he shared, aiming this time to bias a model of a semi-log scale versus a linear one at stake. In a semi-log chart, he established a possible target of 94000, he was referring to a triangular measure move from its onset break.
As noted by Brandt, another possible aim is to take the low of November 2022 through the high of March 2024 and this is then projected to the downside from the August 2024 low. But he was concerned and said that such targets may be ambitious. “For now, I think this is a stretch. My rule is one target at a time,” he added, citing a blog post from June ‘The beautiful symmetry of past BTC bull market cycles’ where he described this cycle of gradual growth with a series of target consecutives.
There has been no turning back for Brandt’s followers due to this BTC maximalist’s steadfast conviction on the flagship asset, the same asset that could hit $150,000 and new highs by September 2025 according to the same Analyst. He further reiterated his point about the speculative nature of such predictions. “Of course, all of these targets could be wrong,” he warned.
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