Bitcoin Bulls Eyeing $234,000 Milestone Within 18 Months

Bitcoin Bulls Eyeing $234,000 Milestone Within 18 Months

Prominent American trader, Peter Brandt, has predicted that Bitcoin (BTC) could rally to $234,400 within the next 18 months. Brandt's bullish outlook is based on the historical correlation between Bitcoin and gold. Brandt noted that the ratio of BTC to gold (BTC/GLD) currently stands at 29.1. He believes that this ratio could reach 100 in the future, implying that one Bitcoin would be worth as much as 100 ounces of gold. Given that one troy ounce of gold currently trades around $2344, this would put the price of Bitcoin at a staggering $234,400. "Currently, one troy ounce of gold trades around $2344, and the BTC/GLD ratio stands at 29.1," Brandt explained. "I expect 1 BTC to be worth as much as 100 ounces of gold in the future. If this holds, that would put BTC at $234,400." Brandt's analysis is based on the premise that Bitcoin is a "digital gold" that will eventually replace physical gold as a store of value. He believes that the growing institutional adoption of Bitcoin, coupled with its limited supply, will drive its price higher in the long run. While Brandt's prediction may seem ambitious, it is important to note that Bitcoin has a history of exceeding expectations. In 2011, Bitcoin traded for less than $1. Today, it is worth over $65,000. If Brandt's forecast proves accurate, Bitcoin could continue its remarkable ascent and reach even greater heights in the years to come.