The post Peter Brandt Reveals Massive Bullish Pattern, Peter Schiff Teases Michael Saylor appeared on BitcoinEthereumNews.com.

The broader cryptocurrency market has recently come under strong selling pressure amid the collapsing tech stocks in the US equity market on Friday. With the BTC price crashing 5%, BTC critic Peter Schiff took a jibe at the asset showing how it is underperforming to Gold. However, popular crypto trader Peter Brandt soon corrected Schiff showing how the Bitcoin price is forming an inverse head and shoulders pattern against Gold. A breakout from this pattern would be bullish for the world’s largest crypto asset. Peter Brandt Shows BTC Price Strength on Charts With the broader crypto market crash on Friday, Peter Schiff took this opportunity to point out the stark investment difference between gold investments and Bitcoin ETFs. In his recent statement, Schiff noted that Bitcoin ETF gains since their launch have dropped to just under 10%, while the price of gold remains up by 24%. Over the past two weeks, the Bitcoin ETF outflows have skyrocketed with total inflows dropping under $17 billion. On Friday, the total ETF outflows stood at $170 million with Fidelity’s FBTC and Grayscale’s GBTC leading the rout. Schiff stated that investors who chose gold over Bitcoin ETFs saw 140% greater returns thereby reinforcing his stand that Gold is a more valuable investment than BTC. However, Peter Brandt chipped in stating that the BTC price has a greater room over Gold moving ahead as the inverse head and shoulder pattern cites a breakout is coming. Peter, your comments need to be put into the perspective of a long term chart. The $BTC/GC_F ratio could dip into the high teens, but massive continuation inverted H&S is forming — favoring Bitcoin https://t.co/Gld8cb2RQV pic.twitter.com/rwJgY24b57 — Peter Brandt (@PeterLBrandt) September 6, 2024 However, the BTC price could lose more ground to gold before resuming the uptrend, with Peter Brandt…

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Filed under: News - @ September 7, 2024 5:25 am