Bitcoin

Gold

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 <p class="paragraph">Veteran <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> <em>Peter Brandt</em> forecasts a major surge in Bitcoin’s (BTC) value compared to gold (XAU), predicting BTC could reach 100 <a rel="noopener noreferrer nofollow" title="ounces" href="https://thebittimes.com/tag/ounces.html">ounces</a> of gold within the next 12 to 18 months.&nbsp;</p>
 <p class="paragraph">Currently, it takes 29 ounces of gold to buy one Bitcoin, suggesting Brandt’s prediction could result in a 230% increase in BTC’s value against gold.</p>
 <p class="paragraph">Bitcoin has steadily gained ground against gold since its inception. In 2017, Bitcoin surpassed gold in terms of price, peaking at $19,649 on December 17, while gold traded at $1,264 per ounce, requiring 15.5 ounces of gold to buy one Bitcoin.</p>
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 <p class="paragraph">Despite bearish markets in 2018 and 2019, Bitcoin maintained a higher value than gold, measured in dollars. By December 2018, Bitcoin hit a low of $3,126 compared to gold’s $1,283 per <a rel="noopener noreferrer nofollow" title="ounce" href="https://thebittimes.com/tag/ounce.html">ounce</a>.</p>
 <p class="paragraph">In August 2020, amid the economic uncertainty caused by the COVID-19 pandemic, gold reached a new high of $2,075 per ounce, while Bitcoin traded at $12,341.&nbsp;</p>
 <p class="paragraph">As of May 2024, gold achieved an all-time high of $2,449 per ounce, and Bitcoin reached $74,000 before settling at $67,619.90 at press time. Gold is currently trading at $2,327 per ounce.</p>
 <h2 class="wp-block-heading" id="h-peter-brandt-s-btc-prediction">Peter Brandt’s BTC prediction</h2>
 <p class="paragraph"><em>Peter Brandt</em> anticipates the BTC/GLD ratio will stabilize for 12 to 18 months before a strong upward movement. He <a rel="noopener noreferrer nofollow" title="predicts" href="https://thebittimes.com/tag/predicts.html">predicts</a> Bitcoin could reach 100 <a rel="noopener noreferrer nofollow" title="ounces" href="https://thebittimes.com/tag/ounces.html">ounces</a> of gold, valuing BTC at $234,400—a 243% increase from its current price.&nbsp;</p>
 <p class="paragraph">Bitcoin has already gained 42% against gold this year, despite some corrections, showcasing its ongoing outperformance of gold and potential for future growth.</p>
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    <p lang="en" dir="ltr">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<br>What say you @PeterSchiff pic.twitter.com/3G2adZV0KM</p>— Peter Brandt (@PeterLBrandt) May 30, 2024
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 <p class="paragraph"><em>Brandt</em> believes Bitcoin still has room for growth, with the BTC/GLD ratio currently above key moving averages, indicating bullish momentum.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-etf-influence-and-market-dynamics">ETF influence and market dynamics</h2>
 <p class="paragraph">The launch of the first spot Bitcoin exchange-traded funds (ETFs) in the U.S. has significantly influenced both assets. These ETFs have accumulated over $50 billion in assets under management (AUM) in record time, a feat that took gold ETFs five years to accomplish.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Remember, it took Gold ETFs 5 years to cross $50 Billion AUM. #Bitcoin did it in 57 days pic.twitter.com/wk0FkrsEfy</p>— Vivek️ (@Vivek4real_) May 30, 2024
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 <p class="paragraph">BlackRock’s (NYSE: BLK) Bitcoin ETF, the iShares Bitcoin Trust (IBIT), became the fastest ETF to reach $20 billion in AUM, surpassing the Grayscale Bitcoin Trust (GBTC) and now targeting the iShares Gold ETF (IAU), which holds roughly $29 billion in AUM.</p>
 <p class="paragraph"><em>Nate Geraci</em>, president of the<em> ETF Store</em>, believes IBIT could surpass IAU by the end of 2024. This rapid growth has bolstered Bitcoin’s status as a leading market indicator.</p>
 <p class="paragraph">Despite the success of Bitcoin ETFs, <em>Bloomberg</em> Intelligence’s senior commodity strategist <em>Mike McGlone</em> noted that Bitcoin’s recent surge did not exceed its 2021 peaks against gold and the S&amp;P 500, highlighting the volatile nature of cryptocurrencies compared to traditional assets.&nbsp;</p>
 <p class="paragraph">Meanwhile, <em>Kaiko</em> data shows that Bitcoin’s 60-day correlation with gold has been increasing, nearing yearly highs but still below 2022 peaks.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="831" height="433" src="https://cdn.thebittimes.com/images/2024/06/01/b3df8b3bc7052ee130ca57bdbd6b55df.webp" alt="" class="wp-image-179951" srcset="https://cdn.thebittimes.com/images/2024/06/01/b3df8b3bc7052ee130ca57bdbd6b55df.webp 831w, https://cdn.thebittimes.com/images/2024/06/01/b3df8b3bc7052ee130ca57bdbd6b55df.webp 300w, https://cdn.thebittimes.com/images/2024/06/01/b3df8b3bc7052ee130ca57bdbd6b55df.webp 768w" sizes="(max-width: 831px) 100vw, 831px">
  <figcaption class="wp-element-caption"><em>BTC correlation with gold. Source: Kaiko</em>
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 <p class="paragraph">This suggests that while both assets offer protection against economic uncertainties, investors view them differently, with Bitcoin potentially offering more upside.</p>
 <h2 class="wp-block-heading" id="price-analysis-bitcoin-vs-gold">Price analysis – Bitcoin vs. Gold</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="532" src="https://cdn.thebittimes.com/images/2024/06/01/66fb2015fde8280106e6ab0d7b7a9ce0.webp" alt="" class="wp-image-179952" srcset="https://cdn.thebittimes.com/images/2024/06/01/66fb2015fde8280106e6ab0d7b7a9ce0.webp 1024w, https://cdn.thebittimes.com/images/2024/06/01/66fb2015fde8280106e6ab0d7b7a9ce0.webp 300w, https://cdn.thebittimes.com/images/2024/06/01/66fb2015fde8280106e6ab0d7b7a9ce0.webp 768w, https://cdn.thebittimes.com/images/2024/06/01/66fb2015fde8280106e6ab0d7b7a9ce0.webp 1508w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>BTC and gold 1 year price analysis. Source :TradingView</em>
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 <p class="paragraph">Over the past year, Bitcoin exhibited high volatility, ranging from $25,036 to $73,390, achieving a 118% increase. Its relative strength index (RSI)&nbsp; indicated both oversold and overbought conditions, currently standing at a neutral 52. Factors such as the halving event and increasing institutional interest contribute to its optimistic long-term prospects.</p>
 <p class="paragraph">Gold, on the other hand, showed steady growth, with a 17.7% increase in price and an RSI of 46, reflecting market balance. It remains a preferred safe haven asset amid economic uncertainties, expected to maintain its stability due to ongoing inflation and geopolitical tensions.</p>
 <p class="paragraph">Both assets offer distinctive investment opportunities: Bitcoin for potential high returns and volatility and Gold for stability and risk mitigation</p>
 <p class="paragraph">For now, the next target on Bitcoin’s list is silver, which has a total market cap of $1.8 trillion, while Bitcoin sits at $1.33 trillion in value, according to data provided by <em>CryptoRank.</em></p>
 <p class="paragraph">Bitcoin still has a long way to go to catch up to gold, which is estimated to have a total value of $15.5 trillion.</p>
 <p class="paragraph">As Bitcoin continues to gain ground and attract investor interest, its performance against gold will be a key metric to watch in the coming months.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><strong><em>:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/veteran-trader-predicts-bitcoin-could-soon-match-100-ounces-of-gold-tbt90845.html">https://thebittimes.com/veteran-trader-predicts-bitcoin-could-soon-match-100-ounces-of-gold-tbt90845.html</a></p>

Veteran trader predicts Bitcoin could soon match 100 ounces of Gold

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