Bitcoin Hits Historic High Against Gold: What Does This Mean for BTC Prices?

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In a historic price trend, Bitcoin (BTC) has quietly reached an all-time high (ATH) against gold. Veteran trader Peter Brandt highlighted this insight in a post on X.

Bitcoin's price against gold reaches a new high: Is there room for further growth?

Brandt's analysis shows that the BTC to gold ratio has reached a new high of 32.19 ounces of gold per BTC. In his post, the experienced trader also cleverly mocked long-time gold advocates and outspoken Bitcoin critic Peter Schiff.

For those who are not familiar, the BTC to gold ratio measures Bitcoin's performance relative to gold, showing how many ounces of gold are needed to purchase one whole BTC. This metric highlights Bitcoin's growing dominance as a store of value.

Brandt further pointed out that Bitcoin's next target is 89 ounces of gold per BTC, indicating there is significant upside potential for Bitcoin against precious metals. This aligns with the broader narrative within the cryptocurrency industry that Bitcoin is poised to challenge gold's $15 trillion market cap.

It's worth noting that Brandt previously predicted that by 2025, Bitcoin's price relative to gold would increase by 400%. As early as October, he predicted that based on historical market patterns, BTC's price could reach the level of 123 ounces of gold.

A recent report from trading firm Bernstein further corroborated this notion, forecasting that Bitcoin will replace gold as the preferred safe-haven asset within the next decade. As of now, BTC's market cap stands at $2.11 trillion, steadily approaching gold's dominance.

One of Bitcoin's earliest supporters, Eric Voorhees, also made a similar prediction. The CEO of the ShapeShift cryptocurrency exchange made bold predictions, stating that unlike gold or oil, the scarcity of BTC's digitally programmed supply will drive its price upward.

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