Bitcoin Insights from Peter Brandt

Recently, Peter Brandt, a trading veteran active since the 1970s, expressed enthusiasm for Bitcoin (BTC), viewing it as “digital gold” relative to gold’s value.

Brandt suggested the potential for nearly 520% growth in Bitcoin against gold in upcoming months. However, he does not rely on trend lines and voiced concerns about Bitcoin’s current position, as it remains below its 2021 high in inflation-adjusted terms.

What’s wrong with Bitcoin price and inflation?

Despite Bitcoin’s price exceeding $69,000 and reaching a new legally recognized high around $74,000, it has not achieved a new de facto high when adjusted for inflation. Estimates indicate Bitcoin needs to hit roughly $78,000 to surpass November 2021’s levels. Brandt attributes this to the depreciating value of the U.S. dollar, as BTC is typically priced in it.

This article was originally published on U.Today