This pattern often signals a big market reversal, suggesting that the first cryptocurrency could soon surge against the precious metal.
At the heart of Brandt’s analysis is a detailed look at the key elements within this inverted head and shoulders pattern: The neckline is at 32.5, the left shoulder low is at 14.2, and the right shoulder forming a bull flag. It looks like the ratio might decline into the “high teens” before any breakout occurs.
If Brandt’s prediction is correct and the ratio does indeed rise from the current 23.85 to 123.75, as projected in the attached chart, it will represent a 518% increase in the price of Bitcoin per gold from current levels.
If this happens, it will not only be a big jump in the value of the major cryptocurrency compared to gold, but it will also show that more and more people think that Bitcoin is becoming a better place to store your money.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
