Well-known commodities trader Peter Brant predicted that Bitcoin could surge 230% against gold in the next 12 to 18 months.
Latest Update: Legendary Trader Peter Brant Predicts #Bitcoin The price will rise 230% against gold.
Are you ready? 🚀 pic.twitter.com/F50fgvm6N1
— Bitcoin Magazine (@BitcoinMagazine) May 31, 2024
Brandt has over 50 years of trading experience and accurately predicted Bitcoin’s sudden bull run in 2017. In his latest prediction, he says the Bitcoin to gold ratio could reach 100 ounces after a period of consolidation.
Veteran Trader Tweeted“Bitcoin $BTC has risen against gold since its inception. This chart shows how many ounces of $GC_F it takes to buy 1 BTC. This ratio should decline over the next 12-18 months, after which GC to buy 1 BTC should rise to 100 ounces.”
Currently, the BTC/GLD ratio hovers around 29, meaning it would take 29 ounces of gold worth $68,000 to buy 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 more than $234,000, meaning a 230% price increase.
Brandt has long been bullish on Bitcoin versus gold. Since its creation in 2009, Bitcoin has significantly outperformed traditional safe haven assets, rising more than 375,000% against gold in that period.
Traders believe that Bitcoin still has plenty of room to rise against gold despite the relatively large gains it has already made. The BTC/GLD ratio chart shows that Bitcoin is in a long-term uptrend against gold and has room to rise.
Brandt expects Bitcoin to continue to significantly outperform gold over the next few years. US Bitcoin Spot ETF Earlier this year, Bitcoin’s reputation as a digital store of value continues to grow among institutions.
