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HomeCrypto NewsMarketBrandt Predicts Bitcoin Rise Against Gold to 123 XAU, Leading to a $323K BTC Price

Brandt Predicts Bitcoin Rise Against Gold to 123 XAU, Leading to a $323K BTC Price

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Peter Brandt, a seasoned market analyst, shares a report of the Bitcoin-to-Gold (BTC/GLD) ratio that suggests potential bullishness for Bitcoin’s future. 

He believes Bitcoin could eventually rise to a staggering 123 ounces of gold per BTC. Such a price would lead to a new all-time high for BTC against the precious metal, as the current all-time peak stands at 37.2 ounces, attained in November 2021.

Brandt identified an inverted head and shoulders (H&S) pattern as the dominant structure in the BTC/GLD ratio. The neckline for this formation is around the 32.5 OZ level. This pattern is a bullish signal, and once the price breaks above the neckline, it leads to a continuation of the upward trend. 

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In Brandt’s chart, the price has yet to fully break out from this neckline. The left shoulder of this H&S formation bottomed out at a ratio of 14.2. As Bitcoin has recovered, it has created a flag pattern, which forms the right shoulder. 

BTCGLD 1W Chart Peter Brandt
BTCGLD 1W Chart | Peter Brandt

Brandt notes that this flag could potentially lead to a short-term decline, possibly pushing the ratio into the high teens once more, but this pullback would likely serve as the last significant correction before the next major rally.

Brandt’s long-term target is 123 ounces. At gold’s all-time high price of $2,634, this ratio would result in a Bitcoin price of approximately $323,000. Should gold persist in its uptrend and breach its $2,634 ATH, the 123 OZ would lead to a higher value for BTC.

Bitcoin’s Cup and Handle Against the Dollar

Meanwhile, alongside this bullish outlook for Bitcoin in comparison to gold, the firstborn crypto is also forming promising patterns against the U.S. dollar. 

A similar cup and handle formation has also appeared on the weekly Bitcoin-to-USD chart. The cup portion formed when Bitcoin dropped from its 2021 peak of $69,000 to the 2022 low of $15,632 and then recovered to hit the recent all-time high of $73,794 in March 2024.

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BTCUSD 1W Chart
BTCUSD 1W Chart

The handle of the formation is currently forming amid the ongoing retracement Bitcoin faces from the recent ATH. Price retracements like this are typical in cup-and-handle patterns and usually precede a breakout to new highs.

In addition, the Directional Moving Index (DMI) supports the bullish momentum. The +DI (positive directional index) is currently increasing, sitting at 19.3, while the -DI (negative directional index) is declining, indicating weakening selling pressure. 

The ADX, which measures trend strength, is dropping at 23.72. This decline in ADX suggests that the current consolidation could soon give way to a strong new trend. If the +DI continues to rise and the -DI keeps falling, Bitcoin could see another push upward. BTC currently trades for $63,213.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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