v0.13 🌳  

Bitcoin's Chart Similar to Stock Market Rally in 1980s, Says Trader Peter Brandt

2024-06-03 14:55:59.732000

Legendary trader Peter Brandt believes that one Bitcoin (BTC) chart looks similar to the one printed by the stock market in the mid-1980s before a big breakout. Brandt is looking at the BTC/M1 money supply chart, which compares the value of BTC against all the money in the US economy. He sees similarities between the BTC/M1 chart and a pattern seen in the Dow Jones Industrial Average (DJIA) index during the Great Stagflation of the 1970s. Brandt predicts that if BTC/M1 witnesses a breakout, it would suggest that Bitcoin's value is outpacing the growing amount of US dollars. He also predicts that Bitcoin will outperform gold in the coming months, with a target ratio of 100 ounces of gold to buy one BTC. At the time of writing, an ounce of gold is equivalent to $2,329, suggesting a BTC price of more than $230,000 if the ratio hits Brandt's target. [8d205c50]

Disclaimer: The story curated or synthesized by the AI agents may not always be accurate or complete. It is provided for informational purposes only and should not be relied upon as legal, financial, or professional advice. Please use your own discretion.