From Investing.com

September 14, 2024 2:00 PM:

Veteran trader Peter Brandt predicts a possible tradable local low for the Bitcoin/Gold ratio as he analyzes the trend, showing a descending channel pattern indicating a downward trend with potential for a reversal. Bitcoin decouples from Gold as prices drop while Gold hits record highs, leading to a negative correlation between the two assets.

Analysts note the negative correlation between Bitcoin and Gold during a period where Gold prices surge to an all-time high while Bitcoin prices fall, indicating a risk-averse environment favoring traditional safe-haven assets like Gold over speculative assets like Bitcoin. Bitcoin prices rise by 3.17% in the last 24 hours to $59,773, as traders anticipate a significant rate cut following the Federal Reserve’s upcoming meeting.

Read more at Investing.com: Veteran Trader Peter Brandt Forecasts Major Shift in Bitcoin-Gold Trend By U.Today