[Senior trader Peter Brandt comments on Bitcoin’s dominance relative to gold]
Veteran trader Peter Brandt has recently focused on Bitcoin’s performance relative to gold. He noted that while Bitcoin has made some progress, it has yet to surpass the highs it hit in 2021.
Bitcoin has experienced two major rallies in 2021, reaching an all-time high of over $64,000 in April and climbing to nearly $69,000 in November. Bitcoin’s performance relative to gold has been notable during this period, with many analysts and investors comparing it to gold as a store of value.
By March 2024, Bitcoin rose to $73,750 on optimism about the Bitcoin halving event and the launch of a Bitcoin ETF. However, the cryptocurrency has yet to recapture its previous highs relative to traditional safe-haven assets.
In a recent post, Brandt noted that despite the halving and ETF push, Bitcoin has yet to break out of its 2021 highs on an inflation-adjusted basis and relative to gold. He stressed that new highs are crucial to confirming a bull market trend.
Bitcoin has steadily outperformed gold in recent months, reflecting growing investor confidence in its long-term value proposition. Brandt presented a BTC/Gold chart that highlighted Bitcoin’s progress but noted that it has yet to break above its 2021 highs.
In ETF-related news, BlackRock's iShares Bitcoin Trust has become the world's largest Bitcoin fund, with total assets of about $20 billion since going public earlier this year. The exchange-traded fund held $19.68 billion in the token on Tuesday, surpassing the Grayscale Bitcoin Trust, which holds $19.65 billion, according to Bloomberg data.
