Renowned commodities trader Peter Brandt predicted that Bitcoin could surge 230% against gold in 12 to 18 months.
JUST IN: Legendary trader Peter Brandt makes his predictions. #Bitcoin The price rises by 230% compared to gold.
Are you ready? 🚀 pic.twitter.com/F50fgvm6N1
— Bitcoin Magazine (@BitcoinMagazine) May 31, 2024
Brandt has over 50 years of trading experience and accurately called 2017 a parabolic bull market for Bitcoin. His latest predictions suggest that after a period of consolidation, the Bitcoin-gold ratio could reach 100 ounces.
“Bitcoin $BTC has been rising against gold since the beginning. This chart shows #ounces of $GC_F to buy 1 BTC. This ratio will decline for another 12-18 months before falling to 100 ounces,” the veteran trader tweeted. If you want to buy BTC, use GC.”
Peter Brandt of X
Currently the BTC/GLD ratio is around 29. This means that to purchase one Bitcoin, you would need 29 ounces of gold, worth $68,000. However, Brandt expects this rate to triple to 100 ounces after Bitcoin’s next consolidation phase.
At today’s gold prices, 100 ounces would make one Bitcoin worth more than $234,000, representing a 230% price increase.
Brandt has long been bullish on Bitcoin and Gold. Since its inception in 2009, Bitcoin has significantly outperformed traditional haven assets, gaining more than 375,000% against gold over that period.
The trader believes that Bitcoin still has plenty of room to compete with gold, even though it has already made huge relative gains. The BTC/GLD ratio chart shows Bitcoin’s long-term upward trend and room for development against gold.
Brandt expects Bitcoin to continue to outshine gold in the coming years. With the approval and successful launch of the U.S. Bitcoin Spot ETF earlier this year, its reputation as a digital store of value continues to grow among institutions.