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Senior Analyst: Bitcoin to Gold Exchange Rate May Rise Over 400% Next Year

Senior Analyst: Bitcoin to Gold Exchange Rate May Rise Over 400% Next Year

Bitget2024/09/22 14:00

On September 22, Peter Brandt, a veteran chart analyst and founder of Factor Trading who successfully predicted the 2018 Bitcoin crash, said that by 2025, the ratio of Bitcoin to gold could rise by more than 400%. Brandt cites classic technical icon analysis to support his extremely bullish expectations. According to the technical pattern known as the Inverted Head and Shoulders (IH&S) pattern, it forms when the price forms three consecutive troughs, with the middle trough (known as the head) being deeper than the other two troughs (known as the left and right shoulders). This pattern forms below a common support line (called the neckline). The IH&S pattern disappears when price breaks above the neckline and is accompanied by a rise in trading volume. At this point, the price rises by an amount equal to the maximum distance between the neckline and the deepest point of the head. For the Bitcoin-to-gold exchange rate, the price of 1 BTC could equal 123 ounces of gold as early as 2025, a rise of more than 400% from the 24 ounces it was worth on September 22, 2024.1

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