As a seasoned analyst with decades of experience in the financial markets, I find Peter Brandt’s insights intriguing, especially his current fascination with Bitcoin (BTC). His analysis of the BTC to gold ratio is an interesting approach that I have not often seen applied.
Lately, Peter Brandt, widely known for his expertise in financial trading dating back to the 1970s and often regarded as a legend, expressed enthusiasm towards Bitcoin (BTC), the major cryptocurrency. This revelation stemmed from Brandt’s analysis of the Bitcoin-to-gold ratio, where Bitcoin is seen as a proxy for gold and frequently called “digital gold.
Specifically, the trader didn’t dismiss the idea that Bitcoin’s value might increase by as much as 520% compared to gold over the next few months.
Nevertheless, when queried about his views on the fact that cryptocurrency had broken its upward trajectory compared to gold futures, Brandt expressed skepticism towards and non-reliance on trend lines. However, he did express concern that Bitcoin continues to remain below its 2021 peak, taking inflation into account.
Indeed, the current trajectory suggests as much, but personally, I don’t rely on trendlines in my trading approach. I do harbor some apprehension that, when adjusted for inflation, Bitcoin may not surpass its 2021 peak. There’s a possibility it might undergo a significant reversal, potentially leading to a complete reset. However, I never adopt a rigid stance on such matters.
— Peter Brandt (@PeterLBrandt) September 23, 2024
The trader poses a question, wondering if it could be possible for a full reboot or reset, which he is open to considering as a possibility.
What’s wrong with Bitcoin price and inflation?
Brandt’s worry lies in the observation that although Bitcoin’s price soared past $69,000 this year and almost hit a legal record high of around $74,000, it hasn’t yet set a new practical high when considering inflation using those figures.
Based on different calculations, Bitcoin might need to hit approximately $78,000 to surpass its November 2021 peaks. It’s important to note that if Bitcoin reaches this level, it would be a testament to its impressive growth of nearly 290% since the start of 2023. However, the factor causing potential blame here isn’t Bitcoin itself but rather the U.S. dollar, as the value of BTC is typically expressed in terms of the U.S. dollar.
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2024-09-23 19:07