Peter Brandt Foresees a $323K Bitcoin Value through a 123 XAU Target

Cryptonews John Brightwater September 23, 2024

Peter Brandt Foresees a $323K Bitcoin Value through a 123 XAU Target

Peter Brandt predicts that Bitcoin could rise to 123 ounces of gold per BTC, potentially leading to a price of $323,000 if gold reaches its all-time high of $2,634. He identifies a bullish inverted head and shoulders pattern in the BTC/GLD ratio, which has yet to break the neckline. Additionally, Bitcoin is forming a cup and handle chart pattern against the U.S. dollar, indicating further upward potential.

Peter Brandt, a highly regarded market analyst, has provided an optimistic outlook regarding Bitcoin in relation to gold based on his analysis of the Bitcoin-to-Gold (BTC/GLD) ratio. Brandt asserts that Bitcoin has the potential to ascend to an impressive valuation of 123 ounces of gold per Bitcoin, which would mark a significant increase from its previous all-time high of 37.2 ounces achieved in November 2021. He identifies an inverted head and shoulders (H&S) pattern within the BTC/GLD ratio as a strong bullish indicator. The neckline of this formation is positioned around the 32.5 ounces level, which, upon breaking, is expected to propel Bitcoin’s price upward. Currently, the BTC/GLD ratio is yet to surpass this neckline. The left shoulder of the H&S formation reached a ratio of 14.2, and as Bitcoin has recovered, it has developed a flag pattern indicative of the right shoulder. Brandt warns of a potential short-term pullback that could see the ratio drop into the high teens; however, he regards this as a necessary correction prior to the anticipated major rally. His long-term projection of 123 ounces implies that if gold reaches its all-time high price of $2,634, this would correlate to a Bitcoin valuation near $323,000. Furthermore, should gold continue to trend upward and surpass its previous high, Bitcoin’s worth may exceed this estimate. In addition, Bitcoin is experiencing positive momentum against the U.S. dollar, displaying a cup and handle formation on its weekly chart. The cup was formed during Bitcoin’s decline from its 2021 peak of $69,000 to the 2022 low of $15,632, followed by a recovery that led to a new all-time high of $73,794 in March 2024. The handle is currently developing amidst a customary retracement, which often predates a breakout to new highs. Supporting this bullish sentiment is the Directional Moving Index (DMI), where the positive directional index (+DI) is rising at 19.3, while the negative directional index (-DI) is declining. The Average Directional Index (ADX), at 23.72, indicates that the current consolidation could soon transition into a robust upward trend if the +DI continues to ascend and the -DI continues to decline, with Bitcoin presently trading at $63,213.

The article discusses the predictions made by Peter Brandt regarding the Bitcoin market, particularly its performance relative to gold. The BTC/GLD ratio serves as the central focus, where Brandt suggests a significant bullish trend for Bitcoin based on technical analysis patterns, specifically the inverted head and shoulders formation. The analysis extends to Bitcoin’s performance against the U.S. dollar, where a classic cup and handle pattern is noted. This background is crucial for understanding the potential for Bitcoin’s price movements and the inherent market dynamics at play.

In summary, Peter Brandt projects a highly bullish trajectory for Bitcoin against gold, forecasting it could reach 123 ounces per Bitcoin, translating to an estimated price of $323,000. His analysis relies on technical indicators such as the inverted head and shoulders pattern in the BTC/GLD ratio, alongside the formation of a cup and handle against the dollar. Brandt considers minor corrections in the price as likely precursors to significant upward movements, suggesting a robust long-term outlook for Bitcoin amidst anticipated market conditions.

Original Source: thecryptobasic.com