June 21, 2024
1 Solar System Way, Planet Earth, USA
Crypto

Legendary trader Peter Brandt predicts 230% rise in Bitcoin price

Renowned commodities trader Peter Brandt predicted that Bitcoin could rise 230% against gold after 12 to 18 months.

Brandt has over 50 years of trading experience and correctly called Bitcoin's parabolic bull market in 2017. His latest forecast says the bitcoin-gold ratio could reach 100 ounces after a period of consolidation.

The veteran trader tweeted“Since its inception, Bitcoin $BTC has gained against gold. This chart shows the number of ounces of $GC_F to buy one BTC. The ratio should reduce for another 12 to 18 months, then advance to 100 ounces of GC to buy. a BTC.”

Peter Brandt on X

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 the next phase of Bitcoin consolidation ends.

At current 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 versus gold. Since its inception in 2009, Bitcoin has greatly outperformed the traditional safe-haven asset, gaining over 375,000% against gold in that time frame.

The trader believes that Bitcoin still has ample room to compete against gold even though it has already experienced such huge relative gains. The BTC/GLD ratio chart shows the long-term bullish trend of Bitcoin against gold with room to advance.

Brandt expects Bitcoin to continue to significantly outshine gold in the coming years. With the approval and successful launch of the US Bitcoin Spot ETF As of early this year, its reputation as a digital store of value continues to grow among institutions.

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