Bitcoin

Gold

Seasoned trader Peter Brandt recently forecasted that Bitcoin could be worth 100 ounces of gold within the next 12-18 months, implying a 230% increase against gold. Brandt predicted Bitcoin’s 2017 bull market based on his prediction of historical trends of digital assets. Since its inception, Bitcoin has <a href="https://x.com/PeterLBrandt/status/1796216439369830428" target="_blank" rel="noreferrer noopener nofollow">consistently</a> gained against gold. Bitcoin first surpassed gold in price in 2017, reaching $19,649 per BTC, while gold was trading at $1,261 per ounce. Even during the 2018-2019 bear market, Bitcoin’s value remained significantly higher than gold. 
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 Since its inception Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> has gained against Gold. This chart shows the # oz. of <a href="https://twitter.com/search?q=%24GC_F&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$GC_F</a> 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 What say you <a href="https://twitter.com/PeterSchiff?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@PeterSchiff</a> <a href="https://t.co/3G2adZV0KM" target="_blank">pic.twitter.com/3G2adZV0KM</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1796216439369830428?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 30, 2024</a>
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In 2020, gold hit a new high of $2,075 per ounce amid economic fears, while Bitcoin traded around $12,341. Both assets saw poor performance in 2022 but rebounded in 2023. In May 2024, gold reached an all-time high of $2,449 per ounce, with Bitcoin hitting $74,000. Currently, the BTC/GLD ratio is approximately 29 ounces per Bitcoin. However, at the time of writing BTC was trading at <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">$67,562</a> with a decline of 1.29% in 24 hours. 
Brandt’s forecast is based on its past prices and the <a href="https://www.cryptotimes.io/2024/05/15/bitcoin-etf-gains-institutional-interest-amid-market-recovery/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/05/15/bitcoin-etf-gains-institutional-interest-amid-market-recovery/" rel="noreferrer noopener">rising institutional adoption of Bitcoin</a>, especially after the approval of the US Bitcoin spot funds. This characteristic of Bitcoin as a store of value enhances surpassing the performance of assets such as gold. 
Consequently, the following are the few possibilities Brandt considered in his forecast that obtain variable responses. The supporters of Bitcoin regard it as the long-term signal of the development of a specific digital asset. On the other hand, conventional gold advocates complain that they can not dub Bitcoin since it is a valid asset because of its high volatility in contrast with gold. 
At current gold prices, 100 ounces would value one Bitcoin over 4,000. With Bitcoin’s increasing acceptance and historical gains against gold, the next 12-18 months will be crucial if Brandt’s prediction materializes.

Brandt Predict BTC Reach 100 Ounces of Gold in 12-18 Months

The Crypto Times

Ďalšie články zverejnené 31. 5. 2024

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