Famous commodities trader Peter Brandt predicted that Bitcoin could jump 230% against gold after 12 to 18 months.
JUST IN: Legendary trader Peter Brandt predicts the #Bitcoin the price will increase 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 correctly called Bitcoin's parabolic bull market in 2017. His latest predictions indicate that the bitcoin/gold ratio could reach 100 ounces after a period of consolidation.
The seasoned trader tweeted“Since its inception, Bitcoin $BTC has gained against gold. This chart shows how many ounces of $GC_F to buy one BTC. The ratio is expected to decline for another 12-18 months, then increase to 100 ounces of GC to buy. one BTC.”
Currently, the BTC/GLD ratio is around 29, meaning it takes 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 be equivalent to one bitcoin worth over $234,000, representing a 230% price increase.
Brandt has long been bullish on Bitcoin versus gold. Since its inception in 2009, Bitcoin has significantly outperformed the traditional safe-haven asset, gaining more than 375,000% against gold during this period.
The trader believes that Bitcoin still has enough room to run against gold, even though it has already seen huge relative gains. The BTC/GLD ratio chart shows the long-term bullish trend of Bitcoin against gold with room to grow.
Brandt expects Bitcoin to continue to significantly outperform gold in the coming years. With the approval and successful launch of the US Bitcoin Spot ETF earlier this year, its reputation as a digital store of value continues to grow among institutions.