U.Today – Recently, Peter Brandt, who is considered a legend in trading in financial markets and has been active in that field since the 1970s, revealed that he is currently enthusiastic about the leading cryptocurrency (BTC). This revelation came after Brandt analyzed the relationship between BTC and gold, where the former is considered a kind of analogue of the precious metal and is often referred to as “digital gold.”
Notably, the trader did not rule out the possibility that Bitcoin could see a growth of almost 520% 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 bullish trend line against , Brandt said that he does not trust or use trend lines but is concerned about BTC remaining below its 2021 high in inflation-adjusted terms.
“Could it turn around and completely reset?” the trader asks, saying he does not rule out such an outcome.
What's wrong with Bitcoin price and inflation?
Brandt's concern is that while the price of Bitcoin has surpassed $69,000 this year and reached a new de jure all-time high near $74,000, the new de facto price high has not been reached if one approximates inflation by these values.
According to various estimates, the price of Bitcoin should reach $78,000 to surpass the levels of November 2021. The culprit is, of course, not the cryptocurrency itself, which has seen growth of almost 290% since the beginning of 2023, but the US dollar, in which the price of BTC is usually denominated.
This article was originally published on U.Today
