Famous commodities trader Peter Brandt predicted that Bitcoin would rise 230% against gold after 12-18 months.
JUST IN: Legendary trader Peter Brandt predicts #Bitcoin Gold price rises by 230%
are you ready? 🚀 pic.twitter.com/F50fgvm6N1
– Bitcoin Magazine (@BitcoinMagazine) May 31, 2024
Brandt has over 50 years of trading experience and correctly called Bitcoin's parabolic bull market in 2017. His latest forecast suggests that the Bitcoin-to-gold ratio could reach 100 ounces after a period of consolidation.
Veteran trader chirp“Since its inception, Bitcoin has risen $BTC against gold. This chart shows #an ounce of $GC_F to buy 1 BTC. The ratio should decline for another 12 to 18 months – then advance to 100 ounces of GC_F to buy one BTC.”
Currently, the BTC/GLD ratio is around 29, which means that buying one bitcoin requires 29 ounces of gold worth $68,000. But Brandt expects this percentage to triple to 100 ounces after Bitcoin's next consolidation phase ends.
At today's gold prices, 100 ounces would make one bitcoin worth more than $234,000 – representing a 230% increase in price.
Brandt has long been bullish on Bitcoin versus gold. Since its inception in 2009, Bitcoin has significantly outperformed traditional haven assets, gaining more than 375,000% against gold during that time period.
The trader believes that Bitcoin still has plenty of room to rise against gold even though it has already seen such massive relative gains. The BTC/GLD ratio chart shows the long-term uptrend for Bitcoin against gold with room for progress.
Brandt expects Bitcoin to continue to significantly outperform gold in the coming years. With the approval and successful launch of Bitcoin ETFs in the US earlier this year, its reputation as a digital store of value continues to grow among institutions.