5x by 2025 vs. gold: Peter Brandt’s new Bitcoin forecast
The head of Factor LLC believes that the main cryptocurrency has a chance to rise in price 5 times compared to gold. The technical analyst pointed to the formation of a “reverse head and shoulders” figure on the chart, which reflects both assets. In this case, quotes should consolidate above the “neck” line with an increase in trading volume. This should help the subsequent movement at a distance between this reference point and the smallest point of the “head”.
Literally in July of this year, Brandt wrote that in the future, cryptocurrencies, including Bitcoin, will not receive large-scale recognition due to difficulties in the fiat economy. The trader said that the trend for special drawing rights (SDR) based on several fiat currencies and gold is gradually gaining momentum.
“Prediction: World will NOT return to Gold standard. World could adopt a formulaic “SDR” global reserve unit consisting of USD, JPY, CNH, EUR, CAD, AUD, GBP, Gold, Silver, Crude Oil. Bitcoin $BTC or other cryptos will NOT be part of basket,” Brandt said.
Interestingly, recently, for the first time since late summer, the price of BTC exceeded the $64,600 mark. However, the rate of the first crypto coin then fell below $63,700.