2024-12-20 00:02 |
Veteran trader Peter Brandt has signaled a wider Bitcoin-Gold as the asset soared to an all-time high. Bitcoin prices continue to soar on the back of positive macro events in the United States, with bulls anticipating inflows in Donald Trump’s second term. This growth in Bitcoin price has mounted the unending gold debate.
On Dec 16, the Bitcoin to gold ratio hit a new all-time high alongside the BTC price. The ratio weighs the purchasing power of gold per ounce to one Bitcoin. The metric is 40 gold ounces per BTC, and the precious metal trading is $2,650. This metric is often used to determine market sentiment among institutional traders.
Brandt Eyes 100% SurgeFollowing the frenzy of BTC tapping $106K, bulls made huge projections on the price of other assets. In a recent post on X (formerly Twitter), Brandt hinted that the next mark for the BTC golf ratio is 89, double the present level. This garnered lots of community bullish optimism taking into account recent whale numbers.
“It is now official. The Bitcoin/Gold ratio has now posted a new ATH. Next stop will be 89 to 1 — it will require 89 ounces of Gold (purchased at a rip-off premium from Shifty-Schiff SchiffGold @PeterSchiff) to buy a single Bitcoin.”
A look at Bitcoin’s performance in the last decade shows strength over the yellow metal. Both assets are touted as a store of value amid recent macroeconomic realities. However, Bitcoin holders cite ease and more global use cases than gold.
This year, institutional investors have also channeled lots of assets toward Bitcoin following the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). Increased institutional performance impacts retail holders pushing for a much larger global adoption.
What’s Next For Bitcoin PriceBitcoin exploded to a new all-time high above $106K as long-term holders ramped up accumulations. Recent flows have turned most metrics to the green zone, with bulls anticipating a higher price at the end of the year. After the last dip, the asset’s market cap has soared to $2 trillion, picking up 5% weekly gains and 14% in the last 30 days.
Bitcoin’s new drive sparked with Donald Trump’s victory amid speculations of an improved regulatory environment. So far, Trump continues to make pro-Bitcoin statements and key nominations.
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