Bitcoin breaks past $60K, setting the stage for a possible 400% surge in Bitcoin-to-gold ratio as per Veteran analyst.
Despite a minor 0.02% dip in the last 24 hours, technical indicators like the RSI continue to reflect strong bullish momentum, currently positioned above the neutral level at 62.Beyond the short-term price action, Bitcoin’s market capitalization has surged by a staggering 350,000% since its inception, significantly outpacing its traditional safe-haven counterpart, gold.
This formation occurs when a price chart shows three troughs, with the central trough being deeper than the two flanking ones, known as the left and right shoulders. According to technical analysis rules, an IH&S pattern is validated when the price breaks above the neckline, usually accompanied by increasing trading volumes.
Applying this analysis to the BTC/GLD ratio chart, Brandt projected an upside target of around 123, meaning that one Bitcoin could be valued at 123 ounces of gold by 2025—a remarkable increase from the current 24 ounces as of September 2024.While many concurred with Brandt’s analysis, long-time Bitcoin critic Peter Schiff offered a dissenting view.
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