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Bitcoin Vs Gold: The global digital asset market looked confused on Wednesday as Bitcoin, the biggest crypto trades under increased selling pressure. A top veteran trader shared an option for the traders as Bitcoin hovers around the crucial $30k price level.
Also Read: Bitcoin Price Holds $29k Support: Is BTC Sweeping $25k Lows After FOMC?
Gold Set To Outperform Bitcoin?
Peter Brandt, a veteran trader offered a recommendation for investors who have exposure to Gold (XAU). Gold Spot is trading at an average price of $1960, at the press time. XAU price is up 0.27% in the last 24 hours.
Brandt highlighted that Gold which is trading at around the $1970 price level is set to breach the $2100 price level. He expects the Gold price to hit $2189. The veteran added that since September 2020 XAU has been forming a right angled broadening triangle.
As per the veteran trader, the Gold price linked chart from Edwards & Mage confirms an explosive upside for the precious metal. However, huge volume remains crucial to confirm the bullishness for Gold. Read More Bitcoin Vs Gold News Here…
Brandt Takes XAU’s Side
Brandt stated that this is the most important Xeet (Tweet) that he has ever shared. However, he mentioned “Matt 7:6” which refers to a Bible verse from Matthew 7:6. The verse says that “Do not give dogs what is sacred; do not throw your pearls to pigs. If you do, they may trample them under their feet, and turn and tear you to pieces.”
Bitcoin printed red indexes on Wednesday. Bitcoin is trading at an average price of $29,307, at the press time. Bitcoin price is down by almost 4% in the last 30 days. On the other hand, Gold price is up by 2.32% over the last month. However, Bitcoin has registered massive gains surging from a $16k lower price level from last year.
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