Veteran trader Peter Brandt has recently made a bold prediction regarding Bitcoin, forecasting a significant surge in its value against gold. Brandt believes Bitcoin could skyrocket by 230%, potentially reaching a ratio where one Bitcoin equals 100 ounces of gold within the next 12 to 18 months.
Brandt’s prediction, while ambitious, is not without historical support. Bitcoin has been gradually gaining ground against gold since its inception. In 2017, Bitcoin’s price surpassed that of gold, peaking at $19,649 on December 17. In comparison, gold was trading at $1,264 per ounce at the time. This means it took about 15.5 ounces of gold to buy one Bitcoin.
Throughout the years, Bitcoin has maintained its lead over gold, even during the bear market of 2018-2019 when Bitcoin’s value dropped to $3,126. During the same period, gold’s price increased slightly to $1,283.
In 2020, gold experienced a bull run, briefly disrupted by the COVID-19 pandemic. By August 2020, gold reached an all-time high of $2,075 per ounce, while Bitcoin was trading at around $12,341. Despite their fluctuations, both assets performed poorly in 2022 but managed to rebound in 2023.
In May 2024, gold achieved a new all-time high of approximately $2,449 per ounce. At the same time, Bitcoin peaked at around $74,000 before stabilizing at $67,210. Based on current prices, it would take about 29 ounces of gold to purchase one Bitcoin.
Brandt’s forecast suggests a significant shift in the market, with Bitcoin potentially reaching unprecedented heights against gold. While the future remains uncertain, his prediction has certainly sparked interest and debate within the investment community.