Bitcoin (BTC) Price Against Gold: Expert Predicts Potential 39% Decline
CryptoNewsTerminal Staff05 Aug, 2024
Bitcoin (BTC) Price Against Gold: Expert Predicts Potential 39% Decline
Peter Brandt, a renowned American trader, recently analyzed the Bitcoin (BTC) price against gold and suggested that it could experience a further decline. According to his assessment, a descending channel pattern is visible on the weekly chart, and a break below the lower trendline could lead to a potential 39% drop. However, Brandt emphasizes that this is a probabilistic scenario, and the market outcome could vary. Despite the short-term bearish outlook, Brandt maintains a long-term bullish sentiment for Bitcoin against gold. He believes that a break above the descending channel's resistance trendline would signal a potential reversal and higher prices. It's important to note that market predictions are subject to change, and investors should conduct thorough research and consider all available market information before making investment decisions.
