CandleFocus Veteran Trader Peter Brandt Forecasts Major Shift in Bitcoin-Gold Trend
2024-09-14
Author: Content Editor
Veteran trader Peter Brandt suggests that there may be a tradable local low on the horizon for the Bitcoin/Gold ratio, which compares the price of Bitcoin to Gold. Brandt's analysis shows a descending channel pattern, indicating a downward trend but also suggesting that a reversal may soon occur at a support level. A recent analysis by CryptoQuant also highlights a negative correlation between Bitcoin and Gold, with Bitcoin prices falling as Gold hits record highs. This negative correlation typically occurs in risk-averse environments where investors choose safe-haven assets like Gold over speculative assets like Bitcoin. Currently, Bitcoin is experiencing a price increase and traders are optimistic about the Federal Reserve's upcoming meeting potentially resulting in a significant rate cut.
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