Senior analyst: Bitcoin to gold exchange rate may rise by more than 400% next year
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Peter Brandt, a veteran chart analyst and founder of Factor Trading who successfully predicted the 2018 Bitcoin crash, said that by 2025, the Bitcoin-to-gold ratio could rise by more than 400%. Brandt cited classic technical chart analysis to support his extremely bullish expectations. According to a technical pattern called the Inverted Head and Shoulders (IH&S), this pattern is formed when the price forms three consecutive troughs, and the middle trough (called the head) is deeper than the other two troughs (called the left shoulder and right shoulder). This pattern is formed below a common support line (called the neckline). When the price breaks through the neckline and the trading volume rises, the IH&S pattern disappears. At this point, the price rise is 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 may be equal to 123 ounces of gold as early as 2025, an increase of more than 400% compared to 24 ounces on September 22, 2024.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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