Bitcoin proponent and legendary trader Peter Brandt recently made a bullish statement for the leading digital asset, predicting a 344% surge over gold. This projection comes amid a recent uptick in the price of Bitcoin (BTC).
Brandt Goes Bullish on Bitcoin
Brandt says the number of gold ounces required to purchase one Bitcoin could get to 100 within the next 12 to 18 months. According to the current market price, this would translate to a 344% rise in the price of Bitcoin compared to gold. The legendary trader backed his prediction with a chart, which showed how Bitcoin performed against gold in the past.
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
What say you @PeterSchiff pic.twitter.com/3G2adZV0KM
— Peter Brandt (@PeterLBrandt) May 30, 2024
Bitcoin investors could see outstanding gains from their holdings if Brandt’s forecast comes to pass. It is worth noting that Brandt has long been a strong advocate for Bitcoin. Earlier in the month, he commented that Ripple’s XRP is poised to go down against BTC, citing trends on the XRP/BTC chart.
In his recent analysis, Brandt also mentions Peter Schiff, a popular gold investor and crypto cryptic.
Schiff has long maintained that gold retains its intrinsic properties over time, serving as a genuine store of value. He also argues that Bitcoin has no intrinsic value for real-world purposes. His skepticism towards BTC has made him a contentious character in discussions over the relative futures of digital assets and traditional assets.
Bitcoin’s Price Picks Up Momentum
At press time, BTC is trading at $68,876, demonstrating a 0.90% slump in the past 24 hours. The market cap also dropped by a similar percentage to $1.3 trillion, while trading volume decreased by 1.5% to $26.6 billion.
This decline suggests a potential correction is on the horizon for BTC. Moreover, the Bitcoin price prediction sentiment is generally bullish with the Fear & Greed Index showing Greed.
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