Veteran trader Peter Brandt says Bitcoin (BTC) will vastly outperform gold after printing a bullish pattern on the longer-term chart.
Brandt shares a chart with his 745,000 followers on social media platform X showing that Bitcoin is in a clear uptrend when priced in gold (BTC/XAU).
According to Brandt, BTC/XAU has printed a three-year reverse head and shoulders (H&S), with the last part of the pattern – the right shoulder – now playing out.
An inverted H&S suggests that demand for an asset increases without the price having to bottom out again.
“Bitcoin or Gold – Which Store of Value is King The BTC/XAU chart has completed a channel that serves as the right shoulder of a massive continuation of the inverse H&S Bitcoin will rock gold despite what
[gold advocate and Bitcoin critic] Peter Schiff thinks or says.”
At the time of writing, Bitcoin is trading at $74,547, just below the most recent all-time high on November 5.
Brandt also has his eye on Dogecoin (DOGE), the largest memecoin by market cap, and Elon Musk’s favorite cryptocurrency.
The veteran trader says new all-time highs (ATHs) are imminent after an inverse H&S forms and breaks out of a channel.
“We trust Musk
DOGE confirms the channel breakout with massive underlying price accumulation and new ATHs around the corner.”
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Generated image: Midjourney