Peter Brandt, a veteran trader with over five decades of experience, has made a major prediction about the price movements of gold and Bitcoin. He is known for correctly predicting gold's historic crash in 1980, which caused its price to drop by around 80% from $850 per ounce to $450 per oz.
Brandt also predicted the 2018 Bitcoin crash, when the cryptocurrency's price fell below $4,000 after reaching above $10,000. He recently wrote on X that he is considering selling some of his Bitcoin holdings to buy gold, as 'gold is going to gain substantially on Bitcoin.'
The chart comparing how many Bitcoins one ounce of gold can buy over time shows a downward trend for the past decade, but Brandt believes this curve has hit its bottom and is turning up.
Gold's price has surged 25% in the last year, while Bitcoin's price has declined by 43%. At press time, gold was trading at $4,137 per ounce, and Bitcoin was trading at $61,886.68.