Bitcoin vs. Gold: Peter Brandt’s Bold Reply to Peter Schiff

Prominent crypto trader and analyst Peter Brandt recently responded to vocal Bitcoin skeptic Peter Schiff, reigniting the BTC vs. gold debate. Brandt commented on the value of Bitcoin as a hedge against fiat currency depreciation, alongside gold. Moreover, BTC price continued surging after reclaiming the $71,000 mark, sparking further optimism.

Bitcoin vs. Gold: The War Begins!

In a post on X Brandt stated, “This is the heavy weight division in the battle against fiat depreciation.” Brandt noted that Bitcoin has struggled to maintain momentum, still sitting below the March 2024 peak and the dual highs from 2021. “Bitcoin has made no progress in 42 months,” he sarcastically remarked while responding to Schiff.

BITCOIN vs GOLD $XAUUSD
This is the heavy weight division in the battle against fiat depreciation
Bitcoin $BTC remains below Mar ’24 high and double highs in 2021
Bitcoin has made no progress in 42 months@PeterSchiff pic.twitter.com/QTe1RWHfbr

— Peter Brandt (@PeterLBrandt) October 29, 2024

Schiff, a long-time advocate of gold, responded by pointing out the precious metal’s recent achievements. “#Gold is trading at another record high tonight, just shy of $2,760. But few will notice or even care, as #Bitcoin is trading back above $71K,” he stated earlier in the day. When a user hinted at a strong rally for BTC, Schiff responded, “I doubt it. Sell into the rally. Get ready for the Trump dump if he wins. If Kamala wins, get ready for a Kamala crash.”

While Schiff remains cautious about Bitcoin’s sustainability, Brandt highlighted a possible shift in the market’s trajectory. According to Brandt, BTC’s post-halving rally might already be underway. He observed that a five-month “inverted expanded triangle” pattern has likely been completed. “The series of lower highs and lower lows since March has come to an end,” he said.

BTC Price Action & Analysis

Bitcoin price neared $72,000 today amid the ongoing debate. At press time, BTC traded at $71,966.38, gaining 5.07%, marking a new monthly high. Moreover, in another post, Brandt provided insight into BTC’s potential targets, illustrating the different ways to calculate these price objectives.

“There are numerous ways to determine targets,” he shared, pointing out that projections vary depending on whether a semi-log or linear scale is applied. He outlined a possible target of 94,000 based on the measured move of a triangle from the breakout level on a semi-log chart.

Another potential target, according to Brandt, involves using the November 2022 low to the March 2024 high and projecting this upward from the August 2024 low. However, he emphasized caution, noting that these goals may be optimistic. “For now, I think this is a stretch. My rule is one target at a time,” Brandt commented, referencing a June blog post titled “The beautiful symmetry of past BTC bull market cycles.”

Brandt has long been bullish on BTC’s future, previously suggesting the flagship crypto asset might hit a new high by September 2025, potentially reaching around $150,000. However, he emphasized the speculative nature of these forecasts. “Of course, all of these targets could be wrong,” he cautioned.

Also Read: “A Million Dollar Bitcoin”: Revisiting Keiser’s 2013 Prediction