Market Veteran Brandt Expects Bitcoin to Surge to 100 Ounces of Gold Worth $234K+

Seasoned trader Peter Brandt forecasts a significant rise in the value of Bitcoin relative to gold, predicting BTC to hit 100 oz currently worth $234,400.

The BTC/GLD ratio, a measure of Bitcoin’s value in terms of gold, has continued to increase as BTC persistently outperforms gold. With Bitcoin gaining popularity and widespread adoption, this ratio has become a metric for comparing the leading cryptocurrency against the traditional safe-haven asset. 

At the reporting time, it takes around 29.1 ounces of gold (oz), currently worth an excess of $68,000, to buy one Bitcoin. However, Brandt believes Bitcoin will substantially appreciate against gold in the near future, causing this ratio to further appreciate. 

Bitcoin Current Position against Gold

In his analysis, Brandt reviewed historical trends. Since Bitcoin’s launch, it has steadily gained ground against gold. The attached chart reveals how the ratio has evolved, highlighting periods of rapid growth interspersed with corrections. Since 2011, BTC has gained 375,383% against gold.

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

Despite this impressive performance, Peter Brandt believes the firstborn cryptocurrency still has room for growth. Brandt supports his forecast with technical tools, including moving averages and the Relative Strength Index (RSI) on the weekly BTC/GLD chart.

Notably, the analyst uses the 18-week and 28-week moving averages to identify trends. Presently, the BTC/GLD ratio is hovering above these moving averages, which currently sit at the 28 oz mark, indicating a prevalence of bullish momentum for Bitcoin.

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In addition, the weekly RSI confirms growing strength for BTC against gold, currently hovering around the upper boundary of the 61 threshold. This position suggests that Bitcoin is gradually tilting toward overbought territories, with a push above 70 indicating an imminent reversal to the downside.

Bitcoin to Clinch 100 Ounces of Gold

However, Brandt anticipates that the BTC/GLD ratio will stabilize within the current range for another 12 to 18 months. This period of consolidation is common after significant price movements as the market digests gains and prepares for the next phase. 

Post-consolidation, Brandt predicts a strong upward movement. He expects Bitcoin to reach a point where one Bitcoin will be equivalent to 100 ounces of gold. At the current price of an ounce of gold, BTC reaching 100 ounces would translate to a value of $234,400. This represents a massive 243% increase from BTC’s current price.

Brandt has always had the opinion that Bitcoin would continue to outperform gold. BTC is already up 42% against gold this year, securing four monthly gains out of five. BTC initially hit a peak of 34.08 oz in March amid its surge to the new ATH above $73,000. However, it witnessed a correction in April, leading to a 16.51% decline.

On April 2, while BTC traded at 28.9 ounces of gold, Brandt noted that Bitcoin would remain king over gold in the longer timeframe. Interestingly, the analyst’s declaration came up at a time when Bitcoin had relinquished the 30 oz level, dropping by 7.39% that day. The BTC/GLD metric has ranged since then.

At press time, BTC trades for $68,333, up by a mild 0.65% over the last 24 hours. Meanwhile, an ounce of gold changes hands at $2,344, trading flat in the past day. This brings the BTC/GLD ratio to 29.1, marking a slight uptick today.

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• Source: https://thecryptobasic.com/2024/05/31/market-veteran-brandt-expects-bitcoin-to-surge-to-100-ounces-of-gold-worth-234k/?utm_source=rss&utm_medium=rss&utm_campaign=market-veteran-brandt-expects-bitcoin-to-surge-to-100-ounces-of-gold-worth-234k