Veteran trader Peter Brandt says that Bitcoin (BTC) is set to vastly outperform gold after printing a bullish pattern on the longer-term chart.
Brandt shares a chart with his 745,000 followers on the social media platform X showing Bitcoin in a clear uptrend when priced in gold (BTC/XAU).
According to Brandt, BTC/XAU has printed a three-year-long inverse head and shoulders (H&S), with the final part of the pattern – the right shoulder – playing out now.
An inverse H&S suggests that demand for an asset is rising without the price having to revisit the lows.
“Bitcoin or Gold – which store of value is king BTC/XAU chart has completed a channel serving as the right shoulder of a massive continuation inverted H&S Bitcoin is going to rock Gold despite what
[gold advocate and Bitcoin critic] Peter Schiff thinks or says.”
At time of writing, Bitcoin is trading at $74,547, just below its most recent all-time high hit on November 5th.
Brandt also has his eye on Dogecoin (DOGE), the largest memecoin by market cap, and Elon Musk’s favorite cryptocurrency.
The seasoned trader says that new all-time highs (ATHs) are imminent after forming an inverse H&S and breaking out of a channel.
“In Musk we Trust
DOGE confirms channel breakout with massive underlying price accumulation and new ATHs around the corner.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
