Legendary Trader Peter Brandt Predicts 230% Bitcoin Price Increase
Renowned commodities trader Peter Brandt predicted Bitcoin could surge 230% against Gold after 12-18 months.
JUST IN: Legendary Trader Peter Brandt predicts the #Bitcoin price to rise 230% against Gold.
Bitcoin Magazine (@BitcoinMagazine) May 31, 2024
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Brandt has over 50 years of trading experience and correctly called Bitcoin's parabolic bull market in 2017. His latest forecast says the bitcoin-to-gold ratio could reach 100 ounces after a consolidation period.
The veteran trader tweeted, "Since its inception, Bitcoin $BTC has gained against Gold. This chart shows the # oz. of $GC_F to buy one BTC. The ratio should chop for another 12 to 18 months -- then advance to 100 oz of GC to buy a BTC."
Currently, the BTC/GLD ratio sits around 29, meaning it takes 29 ounces of gold worth $68,000 to purchase one Bitcoin. But Brandt expects this ratio to triple to 100 ounces after Bitcoin's next consolidation phase ends.
At today's gold prices, 100 ounces would make one bitcoin worth over $234,000 - representing a 230% price increase.
Brandt has long been bullish on Bitcoin versus Gold. Since its creation in 2009, Bitcoin has massively outperformed the traditional haven asset, gaining over 375,000% against Gold in that time span.
The trader believes Bitcoin still has ample room to run versus Gold despite already seeing such enormous relative gains. The BTC/GLD ratio chart shows Bitcoin's long-term uptrend against Gold with room to advance.
Brandt expects Bitcoin to continue significantly outshining Gold in the years ahead. With the approval and successful launch of the US Bitcoin spot ETFs earlier this year, its reputation as a digital store of value continues to grow among institutions.
Text source: Bitcoin Magazine: Bitcoin News, Articles, Charts,
