- Peter Brandt identifies gold’s chart as reflecting Bitcoin’s breakout pattern from 2024, raising speculation of a similar price movement.
- Gold is currently forming a descending triangle with potential for a breakout if it overcomes the upper resistance trendline near $3,400.
- Bitcoin broke out of a similar setup last year, which analysts now see as a possible indicator for gold’s upcoming trajectory.
Veteran commodity trader Peter Brandt has identified a striking similarity between the current gold chart and Bitcoin’s 2024 breakout pattern. Brandt, who has been in the trading business for more than four decades, shared comparative charts highlighting the resemblance. He pointed out that gold is now forming a price structure nearly identical to the one Bitcoin displayed before its significant surge last year.
According to Brandt, gold appears to be tracing an “expanding inverted triangle” pattern. This technical formation is the same structure he observed in Bitcoin’s price movement from April to October 2024, before its sharp rise. Brandt emphasized that this observation does not guarantee an outcome, but the mirrored setup has gained his attention.
Key resistance may determine gold’s next move
The current gold chart shows movement within a descending triangle. The lower trendline is fixed around $3,400, while the upper boundary continues to slope downward. This pattern highlights increasing pressure on gold’s price action. A breakout above the resistance line may indicate a bullish continuation, similar to Bitcoin’s past trajectory.
Bitcoin overcame its technical barriers and staged a strong breakout after forming the same chart pattern last year. Brandt’s comparison implies that gold may follow this historical model. However, he noted that a breakdown is also a possibility if gold fails to breach the upper trendline soon.
The similarity between the charts has drawn the interest of market participants and analysts. Notably, Robert Kiyosaki recently stated that both Bitcoin and gold could see increased investor interest. This rising sentiment could support a price breakout if resistance levels are surpassed.
