Peter Brandt, a renowned commodities trader, predicted that Bitcoin would surge by 230% compared to Gold in 12-18 months.
Peter Brandt is a legendary trader who predicts future events. #Bitcoin Price to increase 230% against gold
Are you prepared? 🚀 pic.twitter.com/F50fgvm6N1
— Bitcoin Magazine (@BitcoinMagazine) May 31, 2024
Brandt, who has more than 50 years’ experience in trading, correctly predicted Bitcoin’s bullish parabolic market of 2017. Brandt’s latest prediction says that the ratio of bitcoin to gold could be 100 ounces following a period of consolidation.
A veteran trader tweeted, “Since its inception, Bitcoin $BTC has gained against Gold. This chart shows the # oz. of $GC_F to buy one BTC. The ratio should chop for another 12 to 18 months — then advance to 100 oz of GC to buy a BTC.”
At the moment, BTC/GLD stands at 29, which means it costs 29 ounces worth $68,000 of gold in order to purchase one Bitcoin. Brandt predicts that the ratio of BTC/GLD will triple after Bitcoin’s next consolidation period ends, and reach 100 ounces.
Today’s gold rates would value 100 ounces as over $234,000, a 230% rise in price.
Brandt’s long held a bullish view on Bitcoin and Gold. Bitcoin outperformed Gold by over 3750% since it was created in 2009.
The trader is convinced that Bitcoin can still run against Gold even though it has already seen such huge gains relative. BTC/GLD chart shows Bitcoin’s upward trend against Gold over the long term.
Brandt predicts that Bitcoin’s value will surpass gold for many years to come. After the successful launch and approval of the US Bitcoin spot ETFs Its reputation among institutions as a digital repository of value has continued to increase since its introduction earlier in the year.
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Source: bitcoinmagazine.com
