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Prominent commodities trader Peter Brandt, who also supports Bitcoin, has taken to his X account to admit that Bitcoin critics who love gold are now celebrating a major victory after all.
In particular, he mentioned probably the most vocal gold bug who constantly criticizes BTC, economist Peter Schiff. Brandt also made an ultra-bullish gold price prediction.
Many big names in the crypto industry have also paid attention to gold’s new all-time high, reached in light of recent geopolitical tensions between the U.S. and Denmark.
"$8,000 is in the cards"
Peter Brandt shared a logarithmic chart, showing gold futures’ growth since 1976. The chart reveals three bull cycles. The chart shows that the current one started in 2022. The trader expects gold to skyrocket as high as $8,000 per ounce at the current pace of growth, provided that the current bull cycle is “similar in scope to previous bull cycles.” Just recently, the precious metal hit a new all-time high above $4,800 per ounce.
Brandt added that despite many crypto enthusiasts giving a hard time on the X platform to rigorous Bitcoin critic and gold advocate Peter Schiff, Schiff is “having the last laugh.”
It should be noted that Brandt often slams crypto fans, calling them “cryptocultists.” He does not believe in altcoins and only acknowledges Bitcoin as the sole cryptocurrency worth supporting. Nevertheless, he sometimes also shares charts on Ethereum, XRP, Solana, DOGE and other big-cap coins, saying that he does it as a trader who trades tradable assets even though he dislikes them.
Mike Novogratz on gold surge and future Bitcoin growth
In his recent tweet, the founder of Galaxy Digital, Mike Novogratz, discussed the aforementioned gold price surge, stating that it is signaling that the U.S. dollar is “losing the reserve currency status at an accelerating rate.” The long bond selling is off, too, he said, which is “not a good sign either.”
Novogratz admitted that investors find the current Bitcoin behavior disappointing, and BTC is “still met with selling.” He believes that to regain its recent upward trend, the world’s primary cryptocurrency needs to reach at least $100,000-$103,000. “I still think it will in time,” Novogratz said.
Currently, Bitcoin is changing hands at $89,360 per coin.
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