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Trading Veteran Brandt Points to ‘Very Interesting’ Bitcoin Fact
As reported by U.Today, bitcoin (BTC) has plummeted more than 19% from its local peak of 41 ounces logged on December 17. This significant drop could be a crucial indicator for the future performance of the cryptocurrency.
In December, renowned trader Peter Brandt predicted that 89 ounces would be the “next stop” for the Bitcoin/gold ratio. However, as the data now suggests, this prediction might not come to fruition in the short term.
Meanwhile, gold is showing incredible resilience and strength, with a stunning surge of more than 11% since reaching a local bottom of $2,583 on December 19. This extraordinary growth has pushed the precious metal perilously close to breaking its all-time high of $2,886.
Gold’s performance could undermine the prevailing narrative that Bitcoin is poised to overtake it as the primary store of value. Several prominent figures, including former Meta executive David Marcus, have been advocating for the US government to liquidate its gold reserves and replace them with a strategic Bitcoin reserve.
However, this notion has not materialized over the past four years due to Bitcoin’s inability to break away from gold’s performance.
Source: u.today
