Bitcoin has clinched a new all-time high against gold amid the latest upsurge, with market veteran Peter Brandt expecting further upside.
Amid Bitcoin‘s previous rise to record highs against the dollar, some experts, skeptics, and gold bugs have had their eyes on a different chart: Bitcoin against gold.
This class of investors argued that the digital asset had not really reached new highs as it had yet to break its previous record against the traditional store of value.
However, over the past 24 hours, Bitcoin appears to have taken out this argument in what proponents see as a blow to naysayers.
Bitcoin Smashes Gold Record
Bitcoin has set a new all-time high against gold. On Sunday, December 15, the asset broke its previous record of 37 ounces of gold per 1 BTC to set a new record of 39 ounces of gold, breaking a years-long resistance.
The feat came as Bitcoin continued its strong run of form against the dollar, surging to new highs of over $106,000 in the past 24 hours.
While market participants are still trying to grasp the implications of Bitcoin’s new record against gold, veteran commodities trader Peter Brandt suggests that the digital asset is not done and is set to extend its lead over the precious metal.
Bitcoin Valuation Against Gold to More Than Double?
Peter Brandt has set a stunning target for the Bitcoin to gold-ratio. In an X post on Monday, December 16, the veteran trader asserted that Bitcoin could trade for as much as 89 ounces of gold on the break of the resistance at 37 ounces.
The prediction represents an over 100% increase in Bitcoin’s valuation in gold. It comes as Brandt has simultaneously predicted that Bitcoin’s recent price breakout against the dollar will continue in the short term, setting a target just above $120,000.
The veteran trader expects the asset to mirror its surge from $68,700 to over $100,000 following the November 2024 U.S. elections.
At the time of writing, Bitcoin has shed some of its recent gains to trade around the $105,000 price point.
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