Peter Brandt Compares Gold and Bitcoin Charts, Predicting Big Gains
The price of Bitcoin (BTC) recently surpassed $82,000, reaching several new all-time highs (ATH) since the beginning of the month.
Amid this rally, renowned trader Peter Brandt pointed to an unusual pattern that could potentially lead to even higher prices.
This is called a complex continuation inverted H&S pattern – I know that’s a mouth full
Lots of chartists deny its existence – not me
Also not Schabacker, Edward and Magee – check for yourself
Note the similarities to Gold in 2009-2010
Complex shoulders, stunted RS $BTC $XAUUSD pic.twitter.com/6YfzDsq5Om— Peter Brandt (@PeterLBrandt) November 10, 2024
Brandt showed two comparative charts of Bitcoin and gold, identifying a complex continuation of an inverted “head and shoulders” (H&S) pattern in Bitcoin’s price movement.
He noted that many chart analysts ignore this rare pattern, despite its clear visibility.
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Explosive Bitcoin Price Prediction From VanEck CEOCiting a similar configuration on a 2010 gold chart, in which the price broke through $1,000 resistance and eventually climbed to $2,672, Brandt suggested that Bitcoin could follow a similar trend.
If this pattern plays out, the price of BTC could potentially reach $200,000 in the future.
Amid this rally, renowned trader Peter Brandt pointed to an unusual pattern that could potentially lead to even higher prices.
