In particular, the trader did not rule out the possibility that Bitcoin could see almost 520% growth in its price against gold in the coming months.
However, when further asked what he thought about the fact that the cryptocurrency has already lost its uptrend line against gold futures, Brandt said he does not trust or use trend lines, but he is concerned that BTC remains below its 2021 high in inflation-adjusted terms.
“Could it roll over for a complete new reset?” the trader asks, saying he does not rule out such an outcome.
According to various estimates, Bitcoin would have to reach around $78,000 to break the November 2021 levels. The “who to blame” here is of course not the cryptocurrency itself, which has seen growth of almost 290% since the beginning of 2023, but the U.S. dollar, in which the price of BTC is often denominated.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
