Veteran trader Peter Brandt says that Bitcoin (BTC) is expected to significantly outperform gold after printing an uptrend on the long-term chart.
Brandt shares a chart with his 745,000 followers on social media platform X showing Bitcoin in a clear upward trend when valued as gold (BTC/XAU).
According to Brandt, BTC/XAU has printed a three-year inverted head and shoulders (H&S) pattern, with the last part of the pattern – the right shoulder – taking place now.
An inverted H&S suggests that demand for an asset is increasing without the price having to revisit lows.
“Bitcoin or gold – which store of value is king. The BTC/XAU chart has completed a channel serving as the right shoulder to a massive inverse H&S continuation Bitcoin will rock gold despite what is happening.
(gold defender and Bitcoin critic) Peter Schiff thinks or says.
At the time of writing, Bitcoin is trading at $74,547, just below its most recent all-time high on November 5.
Brandt also has his eye on Dogecoin (DOGE), the largest memecoin by market capitalization and Elon Musk’s favorite cryptocurrency.
The seasoned trader says new all-time highs (ATH) are imminent after an inverse H&S forms and breaks out of a channel.
“We trust Musk
DOGE confirms channel breakout with massive underlying price accumulation and new ATHs around the corner.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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