Bitcoin had a brief hiccup for two days, Monday and Tuesday, against the backdrop of a roaring month-long bull rally for the cryptocurrency.
More recently, BTC melted up from $68,000 at the start of November to a record high above the $100,000 level in about 30 days. But the brief pull-back may have only been the little orange coin taking a breath for its next sprint up the chart.
While Bitcoin has massively outperformed stocks and bonds in 2024, it has also markedly outpaced price gains in spot gold markets. Legendary technical market analyst and futures trader Peter Brandt noted on Tuesday that a key BTC metric just flashed a promising bullish sign.
Legendary Chart Analyst Notes Bullish BTC Metric
The Bitcoin/Gold $BT/$GC_F ratio has stumbled at a crucial level, with heavy resistance at 36-37 to 1 range pic.twitter.com/GZeYaGMTuf
While BTC’s price stutter-stepped into the inflection zone around the key trend line using the Bitcoin-to-Gold ratio, a decisive push past resistance here is more validation for long-term crypto bulls’ expectations of a prolonged bull run for the asset through 2025.
Following a record-setting week for Bitcoin ETF inflows, the Wall Street crowd has never been more pumped for Bitcoin. However, BTC prices recovered handily Wednesday with a 24-hour candle above +5.5%, according to CoinMarketCap data.
As a result, the market appears poised to cross the four-year Bitcoin-to-Gold resistance line, signaling a potentially massively bullish trend shift to even more bullish than the past 12 months.
BTC’s Price Continues to Beat Schiff’s Favorite Asset
Gold is up another $32 today, trading just below $2,700 per ounce. More significantly, it’s at a new record-high price in Australian dollars. A lot of #gold mines operate in Australia. With their local labor costs falling relative to gold, profits should be considerably higher.
Markets might expect BTC’s price ito ncrease in dollars because the Fed is always printing more. But the surge against gold is truly impressive, which is why this chart from a recent post to the Bitcoin subreddit is not exactly correct.
Planet Earth has a scarce gold supply and there is no publicly-known method to create the metal that wouldn’t cost far more money than the gold’s market value, using nuclear fusion. So, Bitcoin’s market appreciation against spot gold valuations shows that its growth is about more than just dollar inflation.
Euro Pacific Capital founder and chief strategist Peter Schiff is a vocal critic of Bitcoin and says gold is better.
Meanwhile, Bridgewater founder and chief investment officer Ray Dalio recently told the normie investors to ditch bonds and swipe Bitcoin and gold.
