On September 22, Peter Brandt, a veteran chart analyst and founder of Factor Trading who successfully predicted the 2018 bitcoin slump, said that by 2025, the bitcoin-to-gold ratio could rise by more than 400%. Brandt cites classic technical icon analysis to support its extremely bullish expectations. According to a technical pattern called the Inverted Head & Shoulder Pattern (IH & S), this pattern is formed when the price forms three consecutive troughs, with the middle trough (called the head) deeper than the other two troughs (called the left and right shoulders). This pattern is formed below a common support line (called the neckline). The IH & S pattern disappears when the price breaks through the neckline and rises with volume. At this point, the magnitude of the price increase is equivalent to the maximum distance between the neckline and the deepest point of the head. For the bitcoin-to-gold exchange rate, the price of 1 BTC could equal 123 ounces of gold as early as 2025, up more than 400% from 24 ounces on September 22, 2024.