According to U.Today, prominent trader Peter Brandt has predicted that Bitcoin will significantly outperform gold. In a recent post on the X social media platform, Brandt humorously tagged gold advocate Peter Schiff, suggesting it was not his day. Brandt highlighted that the BTC/GLD ratio chart is forming a channel that could become the right shoulder of an inverted head and shoulder pattern, projecting a ratio of 150 to 1. This implies that Bitcoin could outpace gold by five times.
Brandt's prediction comes as Bitcoin is currently trading at $67,197, having surged 6% over the past 24 hours, despite the underwhelming performance of US equities following a major IT outage. Brandt previously noted that Bitcoin was forming a sequence of lower lows and lower highs, indicating that the bullish trend might be waning. He had also predicted that Bitcoin could peak at $150,000 during the ongoing bullish cycle, aligning with other bullish forecasts from analysts like Tom Lee.
Meanwhile, gold recently reached another record high. Peter Schiff commented on social media that as gold started to move higher, Bitcoin began to move lower, suggesting a strong negative correlation between the two assets. Schiff had earlier predicted that Bitcoin would break down after slipping below the $60,000 level in July. However, he has not commented on Bitcoin's recent rally, which has brought it within 9.1% of its all-time high achieved in March.
