Bitcoin

Gold

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The price of&nbsp;<a href="https://u.today/rich-dad-poor-dad-author-reacts-to-bitcoin-crash" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> fell by almost 12% today, triggering massive liquidations worth over $1 billion. Explanations range from jump trading selling to an impending recession in the U.S. economy. Whatever the real reasons for such a collapse, the market is clearly being driven by extreme fear, uncertainty and doubt at the moment.
What is certain, however, is the question of what's next. To answer that question,&nbsp;<a href="https://twitter.com/PeterLBrandt/status/1820278155547938927?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1820278155547938927%7Ctwgr%5E9d2d3bb16f6b1dffb84c2f05c108bcbf60f1a54e%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fpublish.twitter.com%2F%3Furl%3Dhttps%3A%2F%2Ftwitter.com%2FPeterLBrandt%2Fstatus%2F1820278155547938927" rel="noopener noreferrer nofollow">Peter Brandt</a>, a legendary trader who has been in the market since the 1970s, has issued a new Bitcoin price update. However, the outlook is based on a comparison between&nbsp;<a href="https://u.today/bitcoin-btc-on-verge-of-catastrophe-xrp-reaches-fundamental-support-level-solana-sol-gain-nullified" rel="noopener noreferrer nofollow">BTC</a> and gold.
As many may know, cryptocurrencies are now perceived by many as a store of value, even dubbed Gold 2.0. Thus, Brandt reports that at current levels, Bitcoin could fall significantly against gold, by 39%, without undermining its long-term bullish outlook against gold.&nbsp;
<blockquote>
 I have continually been harassed for this interpretation. I continue to believe it is a possibility -- I deal in possibilities, not probabilities and NEVER certainties <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/search?q=%24GC_F&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GC_F</a>Do I have your attention yet????? <a href="https://t.co/tYIFQJZlgN" rel="noopener noreferrer nofollow">pic.twitter.com/tYIFQJZlgN</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1820278155547938927?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 5, 2024</a>
</blockquote>
Meanwhile, the long-term chart shows that the cryptocurrency could rise by more than 477%, highlighting its potential for significant upside.&nbsp;
<h2 dir="ltr" id="bitcoin-v-gold">Bitcoin v. Gold</h2>
Many investors say you should hold both gold and&nbsp;<a href="https://u.today/bitcoin-14-years-ago-today-btc-was-priced-at-005" rel="noopener noreferrer nofollow">Bitcoin</a> as part of a diversified portfolio. Relying on just one asset is risky, like chasing fool's gold, according to the trader. This shows why it is important to have a balanced investment strategy, where both gold and Bitcoin can play complementary roles.
"I believe in owning both gold and Bitcoin," Brandt himself concludes.

Legendary Trader Peter Brandt Issues Crucial Bitcoin Price Update

Table of Contents

U_Today

Other articles published on Aug 5, 2024

External Factors Have a High Impact on Bitcoin Now: Was Crypto Better Before ETFs?

BlackRock Issues Urgent Warning Over Rising Crypto Scams Targeting ETF Investors

AGIX Price Faces 56% Plunge Risk Amid Bithumb Delisting News

Weekly Article Recap: 7/29-8/02

Lendpal Announces a PROMOTION: Elimination of Platform Fees for 3 Months!

Bloody Monday: Cardano Not Spared From Bloodbath, Suffers 30% Loss

Join our free newsletter for daily crypto updates!