👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Bitcoin Price Has One Concern, Reveals Legendary Trader Peter Brandt

Published 09/23/2024, 11:58 AM
Updated 09/23/2024, 03:30 PM
© Reuters.  Bitcoin Price Has One Concern, Reveals Legendary Trader Peter Brandt
GC
-
BTC/USD
-

U.Today - Recently, Peter Brandt, who is considered a legend in trading on the financial markets and has been active in that sphere since the 1970s, revealed that he is currently excited about major cryptocurrency Bitcoin (BTC). This insight came after Brandt reviewed the ratio of BTC to gold, where the former is considered a kind of analog of the precious metal and is often referred to as "digital gold."

In particular, the trader did not rule out the possibility that Bitcoin could see almost 520% growth in its price against gold in the coming months.

However, when further asked what he thought about the fact that the cryptocurrency has already lost its uptrend line against gold futures, Brandt said he does not trust or use trend lines, but he is concerned that BTC remains below its 2021 high in inflation-adjusted terms.

"Could it roll over for a complete new reset?" the trader asks, saying he does not rule out such an outcome.

What's wrong with Bitcoin price and inflation?

Brandt's concern refers to the fact that even though the price of Bitcoin surpassed $69,000 this year and reached a new de jure all-time high in the neighborhood of $74,000, the new de facto price high has not been reached if one approximates inflation by these values.

According to various estimates, Bitcoin would have to reach around $78,000 to break the November 2021 levels. The "who to blame" here is of course not the cryptocurrency itself, which has seen growth of almost 290% since the beginning of 2023, but the U.S. dollar, in which the price of BTC is often denominated.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.