- Peter Brandt believes the Bitcoin token may require a reset to start a bullish run against gold.
- Performance against traditional financial assets has deteriorated compared to previous years according to the experienced trader.
- Brandt stays optimistic with long-term, pale to an estimated 518% for BTC against gold.
Peter Brandt believes the Bitcoin token may require a reset to start a bullish run against gold.
Performance against traditional financial assets has deteriorated compared to previous years according to the experienced trader. Brandt stays optimistic with long-term, pale to an estimated 518% for BTC against gold.
Bitcoin is finally put into its place before it resumes rallying against gold: Peter Brandt this market legend who was trading stocks since the 1970s stated that he is bullish on BTC and sees it go up as high as 518% against gold. Nonetheless, in another view, Brandt concedes to some decline in the rate of growth in Bitcoin compared to other assets including gold.
Brandt’s latest observation comes after he attempted to dissect the BTC to gold chart where Bitcoin is considered “digital gold.” To his mind, one of the major trends of Bitcoin/Gold futures has been takedown and backtested showing a loss of momentum to continue the dominance of Bitcoin. Some may continue holding a bullish outlook for BTC going forward and his chart does imply that Bitcoin could be resetting before continuing on the long and steep climb to the ultimate rally in value relative to gold and every other asset. It could turn some of the optimistic outlooks currently trending in the market a bit less optimistic.
Crypto’s Decade – A Reset on the Horizon?
The price of bitcoin meanwhile has been trending upward for over a decade in its competition with traditional safe-haven like gold. Still, Brandt found that this trend looks like it is subsiding, prompting questions as to whether we can maintain this outperformance over the short run. Instead, Brandt said the move could be a break before another round of purchases will take place, putting Bitcoin in a good start to rising once again.
This view will shape a more conservative perspective, different from the early bullish story in Bitcoin. Holding a bullish view on Bitcoin’s long-term is a reality for most traders & investors, yet Brandt’s analysis points to a probable short-term pullback. If so, the reset could help BTC find the next level for future growth perhaps getting to the 518% spike Brandt has dreamed of. But for now, I am expecting the market to have some sort of turbulence before it repeats Bitcoin’s ten-year bullish run.
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