Famend commodities dealer Peter Brandt predicted Bitcoin may surge 230% towards Gold after 12-18 months.
JUST IN: Legendary Dealer Peter Brandt predicts the #Bitcoin worth to rise 230% towards Gold.
Are you ready? 🚀 pic.twitter.com/F50fgvm6N1
— Bitcoin Journal (@BitcoinMagazine) Could 31, 2024
Brandt has over 50 years of buying and selling expertise and accurately referred to as Bitcoin’s parabolic bull market in 2017. His newest forecast says the bitcoin-to-gold ratio may attain 100 ounces after a consolidation interval.
The veteran dealer tweeted, “Since its inception, Bitcoin $BTC has gained towards Gold. This chart exhibits the # oz. of $GC_F to purchase one BTC. The ratio ought to chop for one more 12 to 18 months — then advance to 100 ozof GC to purchase a BTC.”
Presently, the BTC/GLD ratio sits round 29, which means it takes 29 ounces of gold price $68,000 to buy one Bitcoin. However Brandt expects this ratio to triple to 100 ounces after Bitcoin’s subsequent consolidation part ends.
At as we speak’s gold costs, 100 ounces would make one bitcoin price over $234,000 – representing a 230% worth enhance.
Brandt has lengthy been bullish on Bitcoin versus Gold. Since its creation in 2009, Bitcoin has massively outperformed the standard haven asset, gaining over 375,000% towards Gold in that point span.
The dealer believes Bitcoin nonetheless has ample room to run versus Gold regardless of already seeing such huge relative positive aspects. The BTC/GLD ratio chart exhibits Bitcoin’s long-term uptrend towards Gold with room to advance.
Brandt expects Bitcoin to proceed considerably outshining Gold within the years forward. With the approval and profitable launch of the US Bitcoin spot ETFs earlier this yr, its popularity as a digital retailer of worth continues to develop amongst establishments.