Seasoned trader Peter Brandt recently published a Bitcoin (BTC) price prediction, claiming that
Veteran trader Peter Brandt recently published a Bitcoin (BTC) price prediction, claiming that the decentralized digital asset would rise 230% against gold.
Brandt claimed that the gold/Bitcoin ratio would fluctuate over the next 12 to 18 months before finally reaching a new high of 100 ounces of gold per Bitcoin.
While it remains to be seen whether Brandt’s predictions will prove accurate, a comparison between the price history of Bitcoin and gold suggests that his comments are neither unfounded nor unrealistic.
Since its inception, Bitcoin has made gains against gold, but ultimately surpassed the price of the precious metal in 2017. During that year, Bitcoin peaked at $19,649 on December 17.
When gold resumed trading on December 18, 2017, the commodity reached a price of $1,264 per ounce before closing the daily candle at $1,261 per ounce. Using these numbers, it takes approximately 15.5 ounces of gold to purchase 1 Bitcoin.
Since then, the price of Bitcoin has managed to stay well above the price of gold – even during the lows of the 2018-2019 bear market, when Bitcoin fell to around $3,126 in December 2018.
During that same month, gold saw a price rally, but only reached a high of around $1,283 as of December 31, 2018.
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In 2020, gold experienced another uptrend which was temporarily disrupted by the infamous market crash in March 2020, a consequence of the Covid-19 pandemic, which was reflected across a wide range of assets, including Bitcoin.
By August 2020, gold had reached a new all-time high of around $2,075 per ounce, as fears of a recession and runaway inflation gripped the investment community.
Bitcoin traded sideways during this period, but reached levels around $12,341 during the same month.
Both assets generally underperformed in 2022, but managed to rebound in 2023.
In May 2024, gold reached an all-time high of around $2,449 per ounce and is currently trading at around $2,320 per ounce, while Bitcoin reached a high of around $74,000 before falling to $67,210 as of this writing. At current market prices, it would take approximately 29 ounces of gold to purchase 1 Bitcoin.
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