Seasoned trader Peter Brandt recently released his Bitcoin (BTC) price prediction, claiming that the decentralized digital asset will surge 230% against gold.
Brandt claimed that the ratio of gold to BTC will fluctuate over the next 12 to 18 months before finally reaching a new high of 100 ounces of gold per BTC.
It remains to be seen whether Brandt’s predictions will prove true, but comparing the price history of BTC and gold shows that his comments are not unfounded or unrealistic.
Bitcoin has had an edge over gold since its inception, but finally overtook the precious metal in terms of price in 2017. That year, the price of Bitcoin peaked at $19,649 on December 17th.
When gold resumed trading on December 18, 2017, the commodity price reached $1,264 per ounce and the daily candle closed at $1,261 per ounce. Using these numbers, it took approximately 15.5 ounces of gold to purchase 1 BTC.
Since then, the price of Bitcoin has remained well above the price of gold, even at the low points of the 2018-2019 bear market, when the price of Bitcoin plummeted to a low of around $3,126 in December 2018.
During the same months, gold prices showed an upward trend, reaching a high of around $1,283 by December 31, 2018.
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In 2020, gold experienced another uptrend that was temporarily interrupted by the now-infamous March 2020 market decline as a result of the COVID-19 pandemic, which was reflected in a wide range of assets, including Bitcoin.
By August 2020, gold prices had hit an all-time high of about $2,075 per ounce as fears of a recession and runaway inflation gripped the investor community.
Bitcoin traded sideways during this period, but reached a level of around $12,341 in the same month.
Both assets generally underperformed in 2022 but rebounded in 2023.
In May 2024, gold hit an all-time high of around $2,449 per ounce and is currently trading at around $2,320 per ounce, while Bitcoin hit a high of around $74,000 before falling back to $67,210 at the time of this writing. . Using current market prices, it would take approximately 29 ounces of gold to purchase 1 BTC.
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